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Exercise 5-18 Sustainability and perpetual inventory costing LO 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 100 units @ $2 - $ 200 Jan. 3 Sales 86 units @ $8 Feb. 14 Purchase 138 units @ $3 = $ 414 Feb. 15 Sales 120 units @ $8 June 30 Purchase 150 units @ $4 = $ Nov. 6 Sales 122 units @ $8 Nov. 19 Purchase 44 units @ $5 $ 220 Totals 432 units $1,434 328 units 600 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 margin 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. Perpetual FIFO: Goods Purchased # of units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per Date Cost per Inventory Balance Inventory # of units unit Balance 100 @ $ 2.00 = $ 200.00 January 1 January 3 February 14 February 15 June 30 November 6 November 19 Totals $ 0.00 Required Required B > Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 100 @ $ 2.00= $ 200.00 January 1 January 3 February 14 February 15 June 30 November 6 November 19 Totals $ 0.00 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 margin for each method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the gross margin for each method. FIFO: LIFO: Sales revenue Cost of goods sold Gross margin $ 0 $ 0