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 Activities Beginning inventory Units Acquired at Cost Units Sold at Retail 40 units January 31 Sales February 14. February 15 June 30 November 6 November 19 Purchase Sales Purchase Sales Purchase Totals $2- $ 80 30 units @ $8 70 units @ $3-> $ 210 60 units @ $8 90 units @$4- $ 360 86 units @ $8 20 units 220 units 8 $5- $ 100 $ 750 176 units 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 to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method.