Required InformationTree Seedings has the following current$-$year purchsees and sales for its only product.

Requlred:

The compony uses a perpetusl inventory system.

a$.$ Determine the costs sssigned to ending inventory and to cost of goods sold using FIFO.

b$.$ Determine the costs sssigned to ending inventory and to cost of goods sold using LIFO.

c$.$ Compute the gross profit for each method.

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Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

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Laker Company reported the following January purchases and sales data for Its only product. For specific identification,

ending Inventory consists of $280$ units from the January $30$ purchase, $5$ units from the January $20$ purchase, and $15$ units

from beginning Inventory.

The Company uses a perlodic inventory system. For specific Identification, ending Inventory consists of $280$ units from the January $30$

purchase, $5$ units from the January $20$ purchase, and $15$ units from beginning Inventory. Determine the cost assigned to ending

Inventory and to cost of goods sold using $($d$)$ specific identification, $($b$)$ weighted average, $($c$)$ FIFO, and $($d$)$ LIFO.

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Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.