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 $70$ units @ $$2=$ $ $140$

January $3$ Sales $42$ units @ $ $8$

February $14$ Purchase $94$ units @ $$3=$ $ $282$

February $15$ Sales $90$ units @ $ $8$

June $30$ Purchase $120$ units @ $$4=$ $ $480$

November $6$ Sales $104$ units @ $ $8$

November $19$ Purchase $32$ units @ $$5=$ $ $160$

Totals $316$ units $ $1,062236$ units

Required:

The company uses a perpetual 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.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.

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.

Required A

Required $B$

Required C

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

$\backslash$table$[[$Perpetual LIFO:$],[$Date$,$Goods Purchased,Cost of Goods Sold,Inventory Balance$],[$# of units,$\backslash$table$[[$Cost per$],[$unit$]],\backslash$table$[[$# of units$],[$sold$]],\backslash$table$[[\backslash$table$[[$Cost per$],[$unit$]]]],\backslash$table$[[$Cost of Goods$],[$Sold$]],$# of units,$\backslash$table$[[\backslash$table$[[$Cost per$],[$unit$]]]],\backslash$table$[[$Inventory$],[$Balance$]]],[$January $1,,,],[$January $3],[$February $14],[],[$Total February $14],[$February $15],[$February $15,,,,,,,,],[$Total February $15],[,,,,,,,,],[$June $30],[,,,,,,,,],[$Total June $30],[,,,,,,,,],[$November $6],[,,,,,,,,],[$Total November $6],[,,,,,,,,],[$November $19],[],[,,,,,,,,],[T,,,,,$$$,0\mathrm{.}00,,,]]$

$100\%$

Scre...

Required A

Required B

Required C

Compute the gross profit for each method.

$\backslash$table$[[,$FIFO,LIFO$],[$Sales revenue$],[$Cost of goods sold$],[$Gross profit,$$,$$