Required information Use the following information for the Exercises 11-13 below. (Algo) [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 Units Acquired at Cost Units Sold at Retail 110 units @ $2 = $ 220 90 units @ $ 8 156 units @ $3 = $ 468 130 units @ $ 8 160 units @ $4 = $ 640 128 units @ $ 8 48 units @ $5 = $ 240 Totals 474 units 348 units 1,568 Exercise 5-11 (Algo) 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