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 40 units @ $2 Units Sold at Retail $ 80 January 31 Sales 30 units @ $8 February 14 Purchase February 15 June 30 Sales Purchase < November 6 November 19 Sales Purchase Totals 20 units 220 units 70 units @ $3 90 units @ $4= @ $5- $ 210 $ 360 60 units @ $8 86 units @$8 $ 100 $ 750 176 units nces 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. 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 80 $ 3