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 Jan. 1 Beginning inventory Jan. 3 Sales Feb.14 Purchase Feb.15 Sales June 30 Purchase Nov. 6 Sales Nov.19 Purchase Totals Units Sold at Retail Units Acquired at Cost 40 units @ $2 70 units @ $3 $210 $ 80 90 units @$4 = $360 20 units @ $5 = $100 220 units $750 30 units @ $8 60 units $8 86 units @ $8 176 units 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 A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Goods Purchased Date # of units Cost of Goods Sold Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units January 1 January 3 30 @$2.00 February 14 70 $3.00 February 15 June 30 90 @ $ 4.00 = $ 60.00 Inventory Balance 80.00 Inventory Balance Cost per unit 40 @$ 2.00= $ 2.00= $ 2.00 @$ 3.00 $ 4.00 June 30 November 6 90 @ $ 4.00 November 19 20 @ $ 5.00 Totals @ $ 4.00 @$5.00 $ 60.00 Required A Required B > Perpetual LIFO: Cost of Goods Sold Cost per # of units unit sold Cost per Cost of Goods unit Sold # of units Date January 1 January 3 February 14 Goods Purchased # of units February 15 June 30 November 6 Inventory Balance Cost per unit Inventory Balance 40 @$ 2.00 $ 80.00 June 30 November 6 November 19 Totals $ 0.00 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 A Required B Required C Compute the gross profit for each method. FIFO: LIFO: Sales revenue Cost of goods sold Gross profit $ 0 $ 0