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 210 units @ $2 = $ 420 January 3 Sales 130 units @ $ 8 February 14 Purchase 336 units @ $3 = 1,008 February 15 Sales 230 units @ $ 8 June 30 Purchase 260 units @ $4 = 1,040 November 6 Sales 188 units November 19 Purchase 88 units @ $5 = $ 440 $ Totals 894 units 2,908 548 units @ $ 8 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. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Periodic Inventory System Ending Inventory Cost of Goods Sold FIFO Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Periodic Inventory System Ending Inventory Cost of Goods Sold LIFO Compute the gross profit for each method. FIFO LIFO