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Date 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

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Date 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 Activities Uniti Acquired at Cost Units sold at Retail January 1 Beginning inventory 150 units e $2 - $ 300 January 3 sales 106 units $8 February 14 Purchase 228 units $3 - $ 684 February 15 Sales 170 units June 30 Purchase 200 units e $4 - $ 800 November 6 Sales 152 units November 19 Purchase 64 units @ $5 - $ 320 Totals 642 units 2,104 428 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 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory Balance Dato Goods Purchased Cost of Goods Sold Cost per # of units of units Cost per cost of Goods unit sold unit Sold Inventory Balance # of units Cost por Inventory unit Balance January 1 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 November 6 Total November 6 November 19 + Totals 0.00 Perpetual LiFO Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Goods Purchased Cost per # of units unit Inventory Balance Cost per #of units Inventory unit Balance January 1 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 November 6 Total November 6 November 19 Totals $ 0.00 Required: The company uses a perpetual inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFC b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFC 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 Compute the gross profit for each method. FIFO LIFO Sales revenue Cost of goods sold Gross profit $ 0 S 0

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