Determine the costs assigned to ending inventory and to cost of goods sold using fifo

Saved 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. Date Activities Units Acquired at Cost 40 units @ $2$ 80 Units Sold at Retail Jan. 1 Beginning inventory Sales Jan. 3 30 units @ $8 Feb. 14 Purchase 70 units @ $3= $210 Feb. 15 Sales 60 units @ $8 June 30 Purchase 90 units @ $4- $360 Nov. 6 Sales 86 units @ $8 Nov.19 Purchase 20 units @ $5 - $100 220 units $750 Totals 176 units The company uses a perpetual inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. . Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. E. Compute the gross profit for each method. Complete this question by entering your answers in the tabs below. Next www