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. Activities Units Sold at Retail Date Jan. 1 Beginning inventory Jan. 3 Sales Feb.14 Purchase Feb.15 Sales June 30 Purchase 70 units @ $3 Units Acquired at Cost 40 units $2 - $ 80 30 units @ $8 -$210 60 units @ $8 Nov. 6 Sales Nov.19 Purchase Totals 90 units $4 - $360 20 units $5 -$100 220 units $750 86 units @ $8 176 units. 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. Answer is not complete. Required information Perpetual LIFO: Goods Purchased Cost # of # of units Date units per unit sold Cost of Goods Sold Cost Inventory Balance per unit Cost of Goods Sold Cost # of units Inventory per Balance unit January 1 40 $2.00 $ 80.00 January 3 30 $2.000 $ 60.00 10 $2.00 $ 20.00 February 14 70 . $3.00 30 @ $2.00 $ 60.00 30 $3.00 90.00 February 15 June 30 $4.00 November 6 November 19 20 20 $5.00 $150.00 @ $2.00 $ 0.00 10 $2.00 $20.00 60 @ $3.00 180.00 10 @ $3.00 $ 30.00 $ 180.00 $ 50.00 10 10 90 000 $2.00 $20.00 $3.00 30.00 $4.00 360.00 $410.00 @ $2.00 = @ $3.00 = 86 $4.00 S 0.00 10 @ $2.00 = $ 20.00 0.00 10 @ $3.00 = 30.00 = 344.00 4 @ $4.00 16.00 $ 344.00 $ 66.00 10 @ $2.00 $ 20.00 Prev Su of 7 Next >