Required information Skip to question [The following information applies to the questions displayed below.] 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 170 units @ $2 = $ 340 January 3 Sales 114 units @ $ 8 February 14 Purchase 264 units @ $3 = $ 792 February 15 Sales 190 units @ $ 8 June 30 Purchase 220 units @ $4 = $ 880 November 6 Sales 164 units @ $ 8 November 19 Purchase 72 units @ $5 = $ 360 Totals 726 units $ 2,372 468 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.