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. Units Acquired at Cost 60 units @ $2 = Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: The company uses a perpetual inventory system. 86 units 110 units 28 units 284 units @ $3 @$4 @ $5 = $ 120 $258 $440 $140 $958 Units Sold at Retail 38 units 80 units 98 units 216 units 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. @ $ 8 @ $8 @ $8

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. 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