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 Units sold at Units Acquired at Cost Retail Jan. 1 Beginning inventory 40 units @ $2 - $ 80 Jan. 3 Sales 30 units & $8 Feb.14 Purchase 70 units @ $3 - $210 Feb. 15 Sales 60 units @ $8 June 30 Purchase 90 units & $4 - $360 Nov. 6 Sales 86 units @ $8 Nov. 19 Purchase 20 units @ $5 - $100 Totals 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. 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 FIFO. Perpetual FIFO: Goods Purchased Cost of Goods Sold Inventory.Balance I of of units Date Cost per Cost of Goods Inventory units unit sold #ol units Sold unit Balance January 1 40 $ 2.00 - $ 80.00 Cost per Cost per unit Required information 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 per # of #of units Cost per Cost of Goods Cost per Date Inventory of units units unit sold unit Sold unit Balance January 1 40 @ $ 2.00 - 80.00 January 3 February 14 $ February 15 June 30 November November 19 Totals $ 0.00 Required information Required A Required B Required Cost per Cost per 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 # of units Cost per Cost of Goods Date Inventory of units units unit sold Sold unit unit Balance January 1 40 $ 2.00 - $ 80.00 January 3 February 14 February 15 June 30 November 6 November 19 Totals 000 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. Units Sold at Date Activities Units Acquired at Cost Retail Jan. 1 Beginning inventory 40 units @ $2 = $ 80 Jan. 3 Sales 30 units @ $8 Feb.14 Purchase 70 units @ $3 - $210 Feb. 15 Sales 60 units @ $8 June 30 Purchase 90 units @ $4 = $360 Nov. 6 Sales 86 units @ $8 Nov.19 Purchase 20 units @ $5 - $100 Totals 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. Complete this question by entering your answers in the tabs below. Required A Required B Required Compute the gross profit for each method. FIFO: LIFO: Sales revenue Cost of goods sold Gross profit 0 $ 0 Required B Required >