Required information

Use the following information for the Exercises 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	150	units	@ $2	=	$ 300
January 3	Sales						106	units	@ $ 8
February 14	Purchase	228	units	@ $3	=	$ 684
February 15	Sales						170	units	@ $ 8
June 30	Purchase	200	units	@ $4	=	$ 800
November 6	Sales						152	units	@ $ 8
November 19	Purchase	64	units	@ $5	=	$ 320
	Totals	642	units			$ 2,104	428	units

Exercise 5-11 (Algo) Periodic: Inventory costing methodsFIFO and LIFO LO P1

The company uses a periodic inventory system.

1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
3. Compute the gross profit for each method.

Required information Use the following information for the Exercises 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. Exercise 5-11 (Algo) Periodic: Inventory costing methods-FIFO and LIFO LO P1 The company uses a periodic inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for each method. Complete this question by entering your answers in the tabs below. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Use the following information for the Exercises 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. Exercise 5-11 (Algo) Periodic: Inventory costing methods-FIFO and LIFO LO P1 The company uses a periodic inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for each method. Complete this question by entering your answers in the tabs below. Compute the gross profit for each method. Required information Use the following information for the Exercises 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. Exercise 5-11 (Algo) Periodic: Inventory costing methods-FIFO and LIFO LO P1 The company uses a periodic inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for each method. Complete this question by entering your answers in the tabs below. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO