4 Exercise 5-18 Sustainability and perpetual inventory costing LO P1 1 points Skipped Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 180 units @ $2 $ 360 Jan. 3 Sales 118 units @ $8 Feb. 14 Purchase 282 units @ $3 - $ 846 Feb. 15 Sales 200 units @ $8 June 30 Purchase 230 units @ $4 - $ 920 Nov. 6 Sales 170 units @ $8 Nov. 19 Purchase 76 units @ $5 $ 38e Totals 768 units $2,506 488 units eBook Ask References 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 margin for each method. Mc GEN 4. Perpetual FIFO: Goods Purchased # of Cost per units unit Date Cost of Goods Sold it of units Cost per cost of Goods sold unit Sold 1 points Inventory Balance Cost Inventory # of units Balance 180 @ $ 2.00 = $360,00 per unit January 1 Skipped January 3 February 14 eBook ACK References February 15 June 30 November 6 June 30 November 6 November 19 Totals $ 0.00 Perpetual LIFO: Goods Purchased # of Cost per units unit Date Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost Inventory # of units per unit Balance 180 @ $ 2.00 = $360.00 January 1 January 3 February 14 February 15 June 30 November 6 November 6 November 19 Totals S 0.00 laDS Required A Required B Required C Compute the gross margin for each method. FIFO: LIFO: Sales revenue Cost of goods sold Gross margin $ 0 $ 0