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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	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.

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.