Sandhill Company began operations on January 1. The company uses a periodic inventory system. It purchased three shredders as part of its inventory. The first shredder had a cost of $52; the second one cost $59; and the third shredder cost $68. The company decided to use LIFO and sold two shredders in January. If the company had used FIFO, by how much would gross profit for the period be greater or less than using the LIFO method? Gross profit would be $16 greater if FIFO is used. O Gross profit would be the same. Gross profit would be $16 less if FIFO is used. O Gross profit would be $9 less if FIFO is used.