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Tree Seedlings has the following current-year purchases and sales for its only product.

Date	Activities	Units Acquired at Cost	Units Sold at Retail
January 1	Beginning inventory	180	units	@ $2	=	$ 360
January 3	Sales						118	units	@ $ 8
February 14	Purchase	282	units	@ $3	=	$ 846
February 15	Sales						200	units	@ $ 8
June 30	Purchase	230	units	@ $4	=	$ 920
November 6	Sales						170	units	@ $ 8
November 19	Purchase	76	units	@ $5	=	$ 380
	Totals	768	units			$ 2,506	488	units

Required:

The company uses a perpetual inventory system.

1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
3. Compute the gross profit for each method.