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. = $ 80 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 40 units @ $2 30 units @ $8 70 units @ $3 = $210 60 units @ $8 90 units @ $4 = $360 86 units @ $8 20 units @ $5 = $100 220 units $750 176 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. 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 Cost of Goods Sold # of Cost per # of units Cost per Cost of Goods units unit sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 40 @ $ 2.00 = $ 80.00 January 1 January 3 30 @ $ 2.00 = $ 60.00 10 @ $ 2.00 = $ 20.00 February 14 70 @ $ 3.00 10 @ 70 @ $ 2.00 = $ 3.00 = $ 20.00 210.00 $ 230.00 11 February 15 $ 20.00 80 @ $ 160.00 10 @ 50 @ $ 2.00 $ 3.00 $ 2.00 = $ 3.00 = = @ 150.00 $ 170.00 $ 160.00 June 30 November 6 November 19 Totals $ 230.00 Required A Required B Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per Date Inventory Balance # of units Inventory unit Balance 40 0 $ 2.00 = $ 80.00 January 1 January 3 February 14 February 15 June 30 November 6 November 19 Totals $ 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 $ 0 $