Required information Use the following information for the Exercises 11-13 below. (Static) [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at Cost Units Sold at Retail 40 units @ $2 = $ 80 30 units @ $8 70 units @ $3 = $ 210 60 units 90 units @ $4 $ 360 86 units @ $8 20 units @ $5 = $ 100 220 units $ 750 176 units @ $8 = Exercise 5-11 (Static) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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 ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Goods Purchased Cost per # of units unit Inventory Balance # of units Inventory unit Balance Cost per January 1 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 November 6 Total November 6 November 19 Totals S 0.00 Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Goods Purchased Cost per # of units unit Date Inventory Balance # of units Inventory unit Balance Cost per January 1 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 November 6 Total November 6 November 19 Totals $ 0.00 Required A Required B Required C Compute the gross profit for each method. FIFO LIFO Sales revenue Cost of goods sold Gross profit $ 0 $ 0