! Required information [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 Activities Beginning inventory Units Acquired at Cost Units Sold at Retail 40 units @ $2 = $ 80 January 3 February 14 February 15 June 30 November 6 November 19 Sales Purchase Sales Purchase Sales 30 units @ $8 90 units 70 units @ $3 = @ $4- $ 210 $ 360 60 units 86 units @ $8 @ $8 Purchase Totals 20 units 220 units @ $5 - $ 100 $ 750 176 units The company uses a periodic 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Periodic Inventory System FIFO Cost of Ending Inventory Goods Sold $ 196 $ 554 < Required A Required B > Required A Required B Required C System Ending Inventory Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Periodic Inventory Cost of Goods Sold LIFO $ 44 $ 688 < Required A Required C > Required A Required B Required C Compute the gross profit for each method. Sales FIFO LIFO $ 1,408 $ 1,408 554 584 $ 854 $ 824 < Required B Required C