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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 Units Sold at Retail January 1 Beginning inventory 80 units @ $2 = $ 160 January 3 Sales 46 units @ $ 8 February 14 Purchase 102 units @ $3 = $ 306 February 15 Sales 100 units @ $ 8 June 30 Purchase 130 units @ $4 - $ 520 November 6 Sales 110 units @ $ 8 November 19 Purchase 36 units @ $5 - $ 180 Totals 348 units 1,166 256 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