Question
! Required information Activities Beginning inventory [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales
! Required information Activities Beginning inventory [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 Units Acquired at Cost 190 units January 3 Sales February 14 February 15 June 30 Purchase 300 units Sales November 6 November 19 Purchase Sales Purchase 240 units @ $2 = $ 380 @ $3 = $ 900 @ $4 = $ 960 176 units Units Sold at Retail 122 units @ $ 8 210 units @ $ 8 @ $ 8 Totals 80 units 810 units @ $5 = $ 400 $ 2,640 508 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO.
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