Costing Seved 2 Part 2 of 2 20 points Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Jan, 3 Sales Feb.14 Purchase Feb.15 Sales June 30 Purchase Units Acquired at Cost Units Sold at Retail 40 units $2 = $ 88 30 units @$8 70 units @ $3 = $210 60 units @$8 90 units @ $4 = $360 86 units $8 Nov.19 Purchase Totals 20 units @ $5 = $180 220 units $750 176 units Nov. 6 Sales eBook Print References 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. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold January 1 # of units 40 @ Inventory Balance Cost per unit Inventory Balance $ 2.00 = $ 80.00 January 3 30 @ $ 2.00 $ 60.00 10 February 14 70@ $ 3.00 10 @ $ 2.00 $ 2.00- $ 20.00 $ 20.00 Mc G Graw Hill < Prev 2 of 21 Next > Type here to search A # 63F Cle 4 611 900 weben Hume 1 Polis 4 96 5 W E R T Y S Z X D LL F G H H & 4 7 8 V B N M K L