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Beginning inventory February 14 February 15 June 30 Required information [The following information applies to the questions displayed below.] Tree Seedlings has the following
Beginning inventory February 14 February 15 June 30 Required information [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 Activities Sales. Purchase Units Acquired at Cost Units Sold at Retail 100 units 138 units $2 $ 200 @$3 $414 86 units Sales 120 units November 6 Purchase Sales 150 units @ $4 = $ 600 122 units @ $8 @ $ 8 @ $8 November 19 Purchase Totals 44 units 432 units @ $5 = $ 220 $ 1,434 328 units 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
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