Exercise 6-12 Perpetual: Journalizing transactions P1 Refer to sales and purchases data from Exercise 6- 11 and record journal entries for Tree Seedlings's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered. p. 224 Exercise 6-11 Perpetual: Inventory costing methods-FIFO and LIFO P1 Tree Seedlings has the following current year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 40 units $2 = $ 80 Jan. 31 Sales.. 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 Totals. 20 units $5-$100 220 units $750 176 units Required The company uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. (c) Compute the gross profit for each method. Exercise 6-12 Perpetual: Journalizing transactions P1 Refer to sales and purchases data from Exercise 6- 11 and record journal entries for Tree Seedlings's sales and purchases transactions. Assume for this assignment that the company uses a perpetual entory system and LIFO. All sales a hases are made on account, and no disco > offered