$25$ E$8-13($FIFO and LIFO$-$Periodic and Perpetual$)$ Inventory information for Part $311$ of Monique Aaron Corp. discloses the following information for the month of June.

$\backslash$table$[[$June $1,$Balance,$300$ units @ $$10,$June $10,$Sold,units @ $$24],[11,$Purchased,$800$ units @ $$12,15,$Sold,$500$ units @ $$25],[20,$Purchased,$500$ units @ $$13,27,$Sold,$300$ units @ $$27]]$

Instructions

$($a$)$ Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under $(1)$ LIFO and $(2)$ FIFO.

$($b$)$ Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?

$($c$)$ Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?

$($d$)$ Why is it stated that LIFO usually produces a lower gross profit than FIFO?