Activities Beginning inventory Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 Units Acquired at Cost Units Sold at Retail 240 units @ $2 = $ 480 January 3 Sales 142 units @58 $ February 14 Purchase 390 units @$3= 1,170 February 15 Sales 260 units. @$8 June 30 Purchase 290 units @ $4= $ 1,160 November 6 November 19 Sales Purchase 236 units @$8 Totals 100 units 1,020 units @ $5 = $500 $ 638 units 3,310 equired: he 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.