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 January 3 February 14 February 15 June 30 Activities Sales Purchase Sales Units Acquired at Cost Units Sold at Retail Beginning inventory 40 units @ $2 = $ 80 30 units @ $8 November 6 Sales November 19 Purchase Totals 90 units 20 units 220 units 70 units $3 = @ $4= $ 210 60 units @ $8 $ 360 86 units @ $8 @ $5 $ 100 $ 750 176 units Purchase Required: The company uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. 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. Perpetual FIFO: Date Goods Purchased Number of Cost per units unit Number of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold units Inventory Balance Number of Cost per unit 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 $ 0.00 Required A Required B > Inventory Balance Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Date Goods Purchased Number of Cost per units unit Perpetual LIFO: Cost of Goods Sold Inventory Balance Number of units sold unit Cost per Cost of Goods Sold Number of Cost per units unit 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 $ 0.00 < Required A Required C > Inventory Balance Required A Required B Required C Compute the gross profit for each method. FIFO LIFO Sales revenue Cost of goods sold Gross profit $ 0 $ < Required B Required C >