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 190 units January 3 February 14 Sales Purchase 300 units @ $2 = $ 380 @ $3 = $ 900 122 units February 15 June 30 Sales 218 units Units Sold at Retail @S8 @ $8 November 6 Purchase Sales 240 units @ $4 = $ 960 176 units November 19 Purchase Totals 80 units 810 units @ $5 $ 400 508 units 2,640 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. 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. Goods Purchased Perpetual FIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance 190 at $ 2.00 $ 380.00 122 at $ 8.00 $ 976.00 68 at $ 2.00 $ 136.00 300 at $ 3.00 68 at $ 2.00 $ 136.00 368 at $ 3.00 = 1.104.00 January 1 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 November 6 Total November 6 November 19 Totals 210 at at $ 2.00 $ 420.00 at $ 2.00 $ 3.00 0.00 at $ 420.00 $ 1,396.00 $1,240.00