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Tree Seedlings has the following current$-$year purchases and sales for its only product.

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.

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