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 220 units @$2= $ 440 Units Sold at Retail January 31 Sales 134 units @ $8 February 14 Purchase 354 units @ $3= $ 1,062 February 15 Sales 240 units @ $8 June 30 Purchase 270 units $4= $ 1,080 November 6 November 19 Sales Purchase 204 units @ $8 92 units @$5 $460 $ Totals 936 units 578 units 3,042 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 information Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased 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 Inventory unit Balance January 11 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 Total February 15 June 30 Total June 30 November 6 Total November 6 November 19 Totals Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Inventory Balance Cost per unit Inventory Balance Date # of units Goods Purchased Cost per Perpetual LIFO: Cost of Goods Sold # of units unit sold Cost per Cost of Goods unit Sold # of units January 1 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 6 points 1 Required information June 30 Total June 30 eBook Print November 6 References Total November 6 November 19 Totals < Required A Required C > Check my work ints eBook Print eferences Ramana inventos sutam Required information u. Demane te Lusts assigned to enung sivensory anu to us or your sousy ciru. 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 Compute the gross profit for each method. Sales revenue Cost of goods sold Gross profit FIFO LIFO Check my work