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answers go where the blue highlighted cells are Required information Use the following information for the Exercises 11-13 below. (Algo) The following information applies to
answers go where the blue highlighted cells are 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 Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 150 units @ $2 = $ 300 January 3 Sales 196 units February 14 Purchase 228 units @ $3 = $ 684 February 15 Sales 170 units @ $8 June 30 Purchase 200 units @ $4 = $ 800 November 6 Sales 152 units @SB November 19 Purchase 64 units @ $5$ 320 $ Totals 642 units 428 units 2,104 @$8 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. Date Goods Purchased Cost per # of units unit Perpetual FIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per January 1 January 3 Inventory Balance Inventory # of units unit Balance 150 at $ 2.00 = $ 300.00 $ 2.00 = at $ 2.00 at $ 3.00 106 at $ 2.00 = $ 212.00 228) at $ 3.00 February 14 Total February 14 February 15 Total February 15 $ 4.00 June 30 Total June 30 November 6 Total November 6 $ 5.00 November 19 red information Date Goods Purchased Cost per # of units unit Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Inventory Balance Cost per Inventory # of units unit Balance January 1 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 November 6 Total November 6 November 19 Totals $ 0.00 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the gross profit for each method. FIFO LIFO cos Sales revenue Cost of goods sold Gross profit $ 0 en 0
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