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Tree Seedlings has the following current - year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail
Tree Seedlings has the following currentyear purchases and sales for its only product.
Date Activities Units Acquired at Cost Units Sold at Retail
January Beginning inventory units @ $ $
January Sales units @ $
February Purchase units @ $ $
February Sales units @ $
June Purchase units @ $ $
November Sales units @ $
November Purchase units @ $ $
Totals units $ units
Exercise A Static Periodic: Inventory costing methodsFIFO and LIFO LO P
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.
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