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 Units Acquired at Cost Units Sold at Retail 40 units @ $2 = Beginning inventory $ 80 January 31 February 14 February 15 June 30 November 6 November 19 Sales Purchase Totals Sales Purchase Sales Purchase 70 units @$3- $ 210 30 units 60 units @ $8. @ $8 90 units $4- $ 360 86 units @ $8 20 units 220 units @ $5- $ 100 $ 750 176 units The company uses a periodic 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. The company uses a periodic 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. es Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Periodic Inventory System Ending Inventory Cost of Goods Sold FIFO eBook Complete this question by entering your answers in the tabs below. Print References Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Cost of Periodic Inventory System Ending Inventory Goods Sold LIFO < Required A Required C > 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 Compute the gross profit for each method. FIFO LIFO Sales Cost of goods sold Gross profit $ 0 $ 0 < Required B Required C >