fundamental accounting principles 24th

od P4 Exercise 6-18 Perpetual inventory costing Tree Seedlings has the following current-year purchases and sales for its only product, Units Sold at Retail P1 Activities Units Acquired at Cost Date 40 units $2 $ 80 30 units @ $8 70 units @ $3 = $210 60 units $8 Jan. 1 Jan. 3 Feb. 14 Feb. 15 June 30 Nov. 6 Nov. 19 Beginning inventory.... Sales... Purchase.... Sales Purchase... Sales.. Purchase. ... Totals .... 90 units @ $4 = $360 86 units $8 20 units 220 units $5 = $100 $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 margin for each method