Chapter 5 Exercises Saved 6 Part 1 of 2 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. 1.2 points eBook Date January 1 January 3 Activities Beginning inventory Sales Units Acquired at Cost Units Sold at Retail 240 units @ $2 = $ 480 142 units @ $ 8 February 14 February 15 June 30 Purchase Sales 390 units @ $3- 1,170 260 units @ $ 8 November 6 November 19 Purchase Sales Purchase 290 units @ $4- $ 1,160 236 units @ $ 8 100 units @ $5 - $ 500 $ Totals 1,020 units 638 units 3,310 Ask Print 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Help Save & Exit Submit Check my work