4 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. pints Complete this question by entering your answers in the tabs below. eBook Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ask Perpetual FIFO: References Goods Purchased # of units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Cost per Inventory Balance # of units Cost per Inventory unit Balance 160 @ $ 2.00 = S 320.00 January 1 January 3 February 14 III February 15 June 30 November 6 November 19 Totals 4 Exercise 5-18 Sustainability and perpetual inventory costing LO P1 Tree Seedlings has the following current-year purchases and sales for its only product. ts eBook Date Activities Jan. 1 Beginning inventory Jan. 3 Sales Feb. 14 Purchase Feb. 15 Sales June 30 Purchase Nov. 6 Sales Nov. 19 Purchase Totals Units Acquired at Cost Units Sold at Retail 160 units @ $2 = $ 320 110 units @ $8 246 units @ $3 = $ 738 180 units @ $8 210 units @ $4 - $ 840 158 units @ $8 68 units @ $5 = $ 340 684 units $2,238 448 units Ask ferences 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. 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 FIFO. Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance # of units Cost per Inventory unit Balance 160 @ $ 2.00 = $ 320.00 January 1 January 3 February 14 February 15