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 90 units Units Sold at Retail @ $2 = $ 180 January 3 Sales 66 units November 6 February 14 February 15 June 30 Purchase Sales Purchase 120 units $3 $ 360 Sales 110 units @ $ 8 @ $ 8 140 units @ $4 = $ 560 116 units @ $ 8 November 19 Purchase 40 units @ $5 $ 200 $ Totals 390 units 292 units 1,300 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. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units Cost per Cost of Goods sold # of units unit Sold Inventory Balance Cost per unit Inventory Balance January 1 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 November 6 Total November 6 November 19 Totals S 0.00 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 Date # of units Cost per # of units unit sold Cost of Goods Sold Cost per Cost of Goods unit Sold Cost per # of units unit Inventory Balance Inventory Balance January 1 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 November 6 Total November 6 November 19 Totals $ 0.00 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 Compute the gross profit for each method. FIFO LIFO Sales revenue Cost of goods sold Gross profit $ 0 $ 0 < Required B Required C >