1 Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 40 units @ $2 = $ 80 30 units @ $8 70 units @ $3 $ 210 60 units @ $8 90 units @ $4- $360 86 units @ $8 20 units @ $5 $ 100 220 units $ 750 176 units The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method