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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

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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 Acquired at Cont 40 units e $2 - $ 80 Units Sold at Retail 30 units $8 70 units @ $3 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 $210 60 units @ $8 90 units @ $4 - $360 86 units @ $8 20 units $5 220 units $100 $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

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