Exercise 8-10 a-c (Part Level Submission) Inventory Information for Part 311 of Crane Corp. discloses the following Information for the month of June. June 1 Balance 298 units $10 June 10 Sold 199 units $24 11 Purchased 797 units $12 15 Sold 497 units $26 20 Purchased 505 units @ $13 27 Sold 295 units $28 (a) Your answer is partially correct. Try again, Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) (2) LIFO FIFO Cost of Goods Sold 11739 11296 Ending Inventory 7320 7813 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? (0) 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