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help on all 3 please Required information The following information applies to the questions displayed below) Tree Seedlings has the following current-year purchases and sales
help on all 3 please
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 6 units @ $2 - $ 120 January 3 Sales 38 units $8 February 14 Purchase 86 units $ 258 February 15 Sales 80 units @ 58 June 30 Purchase 118 units $440 November 6 Sales 98 units @ $8 November 19 Purchase 28 units @ $5 $ 140 Totals 284 units $ 958 216 units $3 54 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. 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 FIFO. Date Goods Purchased Cost of units per unit Perpetual FIFO Cost of Goods Sold #of units Cost Cost of Goods sold per unit Sold Inventory Balance Cost #of units Inventory per unit Balance January 1 Required A Required B Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Cost of Goods Sold of units Cost Cost of Goods sold per unit Sold Goods Purchased of units Cost per unit Date Inventory Balance Cost of units Inventory per unit Balance January 1 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 November 6 Totat November 6 November 19 Totals Tree Seedlings has the following Units Sold Units Acquired at Cost 60 units @ $2 - $ 120 38 units eBook 86 units $ 258 Date January January February 14 February 15 June 30 November 6 November 19 80 units Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals $3 $4 110 units $ 440 98 units Print @ $5 28 units 284 units - $ 140 $958 216 units References 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. Complete this question by entering your answers in the tabs below. Required A Required B Required Compute the gross profit for each method. FIFO LIFO Sales revenue Cost of goods sold Gross profit Step by Step Solution
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