Purchase Feb.15 Sales June 30 Purchase Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities Jan. 1 Beginning inventory Jan. 3 Sales Feb. 14 Units Acquired at Cost Units Sold at Retail 80 units @ $2 = $ 160 46 units @ $8 102 units @ $3 = $ 306 100 units @ $8 Nov. 6 Sales Nov.19 Purchase Totals 130 units @ $4 36 units @ $5 = $ 180 348 units $1,166 = $ 520 110 units @ $8 256 units Exercise 5-11 (Algo) Periodic: Inventory costing methods-FIFO and LIFO LO P1 Required: The company uses a periodic 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.