Date Activities Jan. 1 Beginning inventory Jan. 3 Sales Tree Seedlings has the following current-year purchases and sales for its only product. Units Sold at Retail 30 units @ $8 Units Acquired at Cost 40 units @ $2 - $ 80 Feb.14 Feb.15 Sales June 30 Purchase Nov. 6 Sales Nov.19 Purchase 70 units @ $3 $ 210 60 units @ $8 Purchase Totals 20 units @ $5 330 units 200 units @ $4 = $ 800 = $ 100 $1,190 152 units $8 242 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. 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. Periodic Inventory System Ending Inventory FIFO Cost of Goods Sold < Prev 17 of 17 Next