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 Acquired at Cost Units Sold at Retail 50 units @ $2 = $100 34 units @ $8 78 units @ $3 = $234 70 units @ $8 100 units @ $4 = $400 92 units @ $8 24 units @ $5 = $120 252 units $854 196 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. Required information Required A Required B Required Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory Balance Cost Cost # of Date # of units Cost Cost of units per Inventory sold per # of units Goods Sold per unit unit unit Balance January 1 50 $ 2.00 $ 100.00 January 3 34 @ S 8.00 $ 272.00 $ 2.00 February 14 78 > @ $ 3.00 @ $ 2.00 S 3.00 February 15 70 $ 2.00 June 30 November 6 November 19 Totals S 272.00 Complete this question by entering your answers in the tabs below. Required A Required B Required Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Inventory Balance #of Cost Date Cost # of units Cost of Goods Cost # of units Inventory units sold Sold per unit Balance January 1 50 S 2.00 = $ 100.00 January 3 per unit per unit February 14 February 15 June 30 November 6 November 19 Totals S 0.00 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 S 0 $ 0

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