Tree Seedlings has the following current year purchases and sales for its only product Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Units Acquired at cost Units sold at Retail 50 units 0 $2$ 100 34 units 78 units $3$ 234 78 units @sa 100 units @ $ 45.400 92 units O $8 24 units $5 $ 120 252 units $ 854 195 units 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. Required A Required Required Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO Goods Purchased Cost of Goods Sold Inventory Balance Date of units Cost per of units Cost per Cost of Goods Cost per Inventory of units unit sold unit Sold unit Balance January 1 January 3 February 14 Total February 14 February 15 Total February 15 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Date Perpetual FIFO Goods Purchased Cost of Goods Sold # of units Cost per #of units Cost per Cost of Goods sold Sold Inventory Balance Cost per Inventory # of units unit Balance unit unit January 1 January 3 February 14 Total February 14 February 15 Total February 15 + June 30 Total June 30 November 6 Total November 6 November 19 Totals Required B > Perpetual LIFO: Cost of Goods Sold of stats Cost per Cost of Goods sold unit Sold Goods Purchased Cost per of units unit Inventory Balance # of units Inventory unit Balance Date Cost per January 1 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 November 6 Total November 6 November 19 Totals [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 50 units 0 $2 = $ 100 January 3 Sales 34 units @ S8 February 14 Purchase 78 units @ $3 = $ 234 February 15 Sales 78 units @ S8 June 30 Purchase 100 units 0 $4 = $ 400 November 6 Sales 92 units O $8 November 19 Purchase 24 units O $5 - $ 120 Totals 252 units $ 854 196 units 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. Required A Required B Required Compute the gross profit for each method. FIFO LIFO Sales revenue Cost of goods sold Gross profit