Exercise 5-18 Sustainability and perpetual inventory costing LO P1 Tree Seedlings has the following current-year purchases and sales for its only product. Units Sold at Date Activities Units Acquired at Cost Retail Jan. 1 Beginning inventory 120 units # $2$ 240 Jan. 3 Sales 94 units @ $8 Feb. 14 Purchase 174 units e $3 - $ 522 Feb. 15 Sales 140 units @ $8 June 30 Purchase 170 units e$4 - $ 680 Nov. 6 Sales 134 units $8 Nov. 19 Purchase 52 units e $5 - $ 260 Totals 516 units $1,702 368 unita 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 margin for each method. 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 #of Cost units Cost of Goods Sold # of units Cost Cost of Goods sold Sold Date Inventory Balance Cost of units Inventory per unit Balance 120 @ $ 2.00 = $ 240.00 per unit per unit January 1 January 3 February 14 February 15 June 30 November 6 November 19 Totals S 0.00 Required B 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 LIFO. Perpetual LIFO Date Good Purchased of Cost units per unit Cost of Goods Sold #of units Cost Cost of Goods sold per unit Sold Inventory Balance Cost Inventory of units Balance 120 @ $ 2.00 $ 240.00 per unit January 1 January 3 February 14 February 15 June 30 November 6 November 19 Totals 0.00 Required a Required) Exercise 5-18 Sustainability and perpetual inventory costing LO P1 Tree Seedlings has the following current-year purchases and sales for its only product. Un Its Sold at Retail Unita Acquired at Coat 120 units $2$ 240 522 Date Activities Jan. 1 Beginning inventory Jan. 3 Sales Feb. 14 Purchase Feb. 15 Sales June 30. Purchase Nov 6 Sales Nov. 19 Purchase Totals 174 units $3-$ 170 units $4 - $ 94 units $8 140 units # $a 134 units 8 $8 680 52 units $S 516 units $ 260 $1,702 36B 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 margin for each method. Complete this question by entering your answers in the tabs below. Required A Required B Required Compute the gross margin for each method. FIFO: LIFO: Sales revenue Cost of goods sold Gross margin 0 0