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3 3.14 points 8 01:56:40 Required information [The following information applies to the questions displayed below.) Tree Seedlings has the following current-year purchases and sales

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3 3.14 points 8 01:56:40 Required information [The following information applies to the questions displayed below.) Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Units Aequired at coat January 1 Unite Gold til Beginning inventory 240 units # $2 - $.480 January 3 Sales 142 unit # 5 Pebruary 14 Purchase 390 units 53 - 1.170 February 15 Sales 260 units $ June 30 Purchase 290 unita # $4 - 1,160 November 6 Sales Purchase November 19 $5 -5.500 100 units $ Totals 1,020 units 638 units 3,310 Required: The company uses a perpetual 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. in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory Balance Date Cost per # of units # of units Cost per cost of Goods Cost per Inventory # of units unit sold unit Sold unit Balance January 1 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 November 6 Total November 6 November 19 Totals Required A Required B > Required A Required B Required Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Goods Purchased # of units Cost per unit Date Inventory Balance Cost per Inventory # of units unit Balance January 1 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 Wewe Enabled: Asignacion - Capitulo 6 Saved Help Save & Exit Sub Required information February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 November 6 Total November 6 November 19 Totals Required A Required B Required C Compute the gross profit for each method. FIFO LIFO Sales revenue Cost of goods sold Gross profit

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