6 ! Part 1 of 2 Required information Use the following information for the Exercises 11-13 below. (Algo) [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 10 points Skipped January 1 January 3 Beginning inventory Sales @ $2 $ 120 Units Acquired at Cost Units Sold at Retail 60 units 38 units @ $ 8 February 14 eBook Ask Print February 15 June 30 November 6 November 19 Purchase Sales Purchase Sales Purchase Totals 86 units @ $3 $258 80 units @ $ 8 110 units @ $4= $ 440 98 units @ $ 8 28 units 284 units @ $5 = $ 140 $ 958 216 units References Exercise 5-11 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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. Goods Purchased Date # of units Cost per unit # of units sold January 1 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 November 6 Perpetual FIFO: Cost of Goods Sold Inventory Balance Cost per Inventory Cost per unit Cost of Goods Sold # of units unit Balance Total November 6 November 19 Totals 0.00 Goods Purchased Perpetual LIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold January 1 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 November 6 Total November 6 Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per Inventory unit Balance November 19 Totals $ 0.00 Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the gross profit for each method. Sales revenue Cost of goods sold Gross profit FIFO LIFO EA $ 0 $ 0