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 Acquired at Cost Units Sold at Retail January 1 Beginning inventory 70 units @ $2 = $ 140 January 3 Sales 42 units @ $8 February 14 Purchase 94 units @ $3 = $ 282 February 15 Sales 90 units @ $8 June 30 Purchase 120 units $4 = $ 480 November 6 Sales 104 units @$8 November 19 Purchase 32 units @ $5 = $ 160 $ Totals 316 units 23 1,062 Required: 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