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Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.Tree Seedlings 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 $52$ units @ $$2=$ $ $104$

Jan. $3$ Sales $38$ units @ $$8$

Feb. $14$ Purchase $90$ units @ $$3=$ $ $270$

Feb. $15$ Sales $78$ units @ $$8$

June $30$ Purchase $180$ units @ $$4=$ $ $720$

Nov. $6$ Sales $140$ units @ $$8$

Nov. $19$ Purchase $26$ units @ $$5=$ $ $130$

Totals $348$ units $ $1,224256$ units

Required:

The company uses a periodic 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 margin for each method.