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22:28 January 1 Activities Beginning inventory Tree Seedlings has the following current-year purchases and sales for its only product. Date Units Acquired at Cost
22:28 January 1 Activities Beginning inventory Tree Seedlings has the following current-year purchases and sales for its only product. Date Units Acquired at Cost 240 units @ $2 = $ 480 Units Sold at Retail January 3 Sales 142 units @ $8 February 14 Purchase 390 units @ $3 = 1,170 February 15 Sales 260 units @ $ 8 $ June 30 Purchase 290 units @ $4= 1,160 November 6 November 19 Sales Purchase 236 units @ $8 Totals 100 units 1,020 units @ $5 = $500 $ 638 units 3,310 ok 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Periodic Inventory System Ending Inventory Cost of Goods Sold LIFO
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