Question
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 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 Activities January 1 Beginning inventory January 3 Sales February 14 February 15 June 30 November 61 November 19 Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost 60 units Units Sold at Retail @$2 $ 120 38 units $8 86 units @$3- $ 258 80 units $8 110 units @$4- $ 440 98 units 858 28 units 284 units $5- $ 140 $ 958 216 units The company uses a periodic 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 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 Revydred A Required B>
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