! 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 Activities Jan. 1 Beginning inventory Jan. 3 Sales Feb. 14 Purchase Feb. 15 Sales June 30 Purchase Nov. 6 Sales Nov. 19 Purchase Totals Units Acquired at Cost Units Sold at Retail 50 units @ $2 = $100 34 units @ $8 78 units @ $3 = $234 70 units @ $8 100 units @ $4 = $400 92 units @ $8 24 units @ $5 = $120 252 units $854 196 units Required: The company uses a periodic 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