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 Jan. 1 Beginning inventory 120 units @ $2 $ 240 Jan. 3 Sales 94 units @ $8 Feb. 14 Purchase 174 units @ $3 = $ 522 Feb. 15 Sales 140 units @ $8 June 30 Purchase 170 units @ $4 $ 680 Nov. 6 Sales 134 units @ $8 Nov. 19 Purchase 52 units @ $5 $ 260 Totals 516 units $1,702 368 units = $ = Required: The company uses a periodic 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