#11 Required information

Use the following information for the Exercises 11-13 below. (Algo)

[The following information applies to the questions displayed below.]

The company uses a perpetual inventory system.

1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
3. Compute the gross profit for each method.

Tree Seedlings has the following current-year purchases and sales for its only product.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
January 1	Beginning inventory	210	units	@ $2	=	$ 420
January 3	Sales						130	units	@ $ 8
February 14	Purchase	336	units	@ $3	=	$ 1,008
February 15	Sales						230	units	@ $ 8
June 30	Purchase	260	units	@ $4	=	$ 1,040
November 6	Sales						188	units	@ $ 8
November 19	Purchase	88	units	@ $5	=	$ 440
	Totals	894	units			$ 2,908	548	units

Complete this question by entering your answers in the tabs below. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO