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Required Information

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

$\backslash$table$[[$Date$,$Activities,Units Acc,ed at$,$Cos,,,Units Sold at$,$Retail$],[$January $1,$Beginning inventory,$50$ units,$6$$$2,=,$$$,100,,],[$January $3,$Sales,,,,,,$34$ units,e$$8],[$February $14,$Purchase,$78$ units,e $$3,=,$$$,234,,],[$February $15,$Sales,,,,,,$70$ units,e$$8],[\backslash$table$[[$June $30],[$November $6]],\backslash$table$[[$Purchase$],[$Sales$]],100$ units,$0$$$4,=,$$$,400,92$ units,e$$8],[$November $19,$Purchase,$24$ units,e $$5,=,$$$,120,,],[$Totals$,252$ units,,,$$,854,196$ units,$]]$

Requlred:

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.

$\backslash$table$[[,$FIFO,LIFO$],[$Sales revenue,,$],[$Cost of goods sold,,$],[$Gross profit,$$,$$