Required information Use the following information for the Exercises 11-13 below. (Algo) Skip to question [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 230 units @ $2 = $ 460 January 3 Sales 138 units @ $ 8 February 14 Purchase 372 units @ $3 = $ 1,116 February 15 Sales 250 units @ $ 8 June 30 Purchase 280 units @ $4 = $ 1,120 November 6 Sales 220 units @ $ 8 November 19 Purchase 96 units @ $5 = $ 480 Totals 978 units $ 3,176 608 units Exercise 5-11 (Algo) Periodic: Inventory costing methodsFIFO and LIFO LO P3 The company uses a periodic inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Compute the gross profit for each method.