7 O ts Required information The following information applies to the questions displayed below. Tree Seedings 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 40 units $ 280 Jan. 3 Sales 30 units @ $8 Feb. 14 Purchase 70 units @ $3-$210 Feb. 15 Sales 6 units 58 June 30 Purchase 90 units @ $4 - $360 Nov. 6 Sales 86 units @ $8 Nov. 19 Purchase 20 units $5 $100 Totats 220 units $750 176 units eBook Print References 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. Complete this question by entering your answers in the tabs below. Required A Required Required Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Graw MacBook Air SO DW 12 FE 18 DD 59 A 2 $ 4 3 % 5 & 7 6 8 ) 0 9 W E R. T Y 0 A a C er 5 Assignment Saved Required information , Goods Purchased #of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date January 1 Inventory Balance Cost per Inventory # of units unit Balance 40 @ $ 2.00 $ 80.00 30 @ $ 2.00 - $ 60.00 @ $ 2.00 @ $ 3.00 30 $ 8.00 = $ 240,00 January 3 February 14 701 $ 3.00 February 15 60 $ 2.00 - $ 3.00 8 June 30 90 @ $ 4.001 @ @ $ 2.00 $ 3.00 $ 4,00 November 6 86 November 19 201 $ 5.00 $ 5.00 Totals S 240.00 MacBook Air of Chapter 5 Assignment Saved Noyuncu ryuncu rucu 7 Required information Perpetual LIFO ts Goods Purchased # of units unit Date Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per Inventory Balance # of units Inventory unit Balance 40 @ $ 2.00 $ 80.00 January 1 January 3 eBook February 14 Print February 15 eferences June 30 November 6 November 19 Totals $ 0.00 Mc Graw Hill MacBook Air a. Determine the costs assigned to ending inventory and to co b. Determine the costs assigned to ending inventory and to co c. Compute the gross profit for each method. Complete this question by entering your answers in the t Required A Required B Required C Compute the gross profit for each method. FIFO: LIFO: Sales revenue Cost of goods sold Gross profit $ 0 $ 0