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Need answer for Excercise 5-13A please! Assume periodic inventory system Exercise 5-11 Perpetual: Inventory costing methods-FIFO and LIFO P1 Tree Seedlings has the following current
Need answer for Excercise 5-13A please! Assume periodic inventory system Exercise 5-11 Perpetual: Inventory costing methods-FIFO and LIFO P1 Tree Seedlings has the following current year purchases and sales for its only product Date Units Sold at Retail Jan. 1 Jan. 3 Feb. 14 Fob. 15 June 30 Now 6 Nov. 19 30 units $8 Activities Boginning inventory Salos. Purchase Sales Purchase Sales... Purchase ---- Totals Units Acquired at Cost 40 units @ $2 = 5 80 70 units e$3 = 5210 90 units 54 = $360 60 units 58 86 units. 58 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. (0) Compute the gross profit for each method. Exercise 5-12 Perpetual: Journalizing transactions P1 Refer to sales and purchases data from Exercise 5-11 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. Exercise 5-134 Periodic: Inventory costing methods-FIFO and LIFO P3 Refer to the information in Exercise 5-11 and assume the periodic inventory system is used. 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 page 23
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