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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 Jan. 1

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

Date Activities Units Acquired at Cost Units Sold at Retail
Jan. 1 Beginning inventory 220 units @ $2 = $ 440
Jan. 3 Sales 134 units @ $8
Feb. 14 Purchase 354 units @ $3 = $ 1,062
Feb. 15 Sales 240 units @ $8
June 30 Purchase 270 units @ $4 = $ 1,080
Nov. 6 Sales 204 units @ $8
Nov. 19 Purchase 92 units @ $5 = $ 460
Totals 936 units $ 3,042 578 units

The company uses a periodic 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.

Periodic Inventory System Ending Inventory Cost of Goods Sold
FIFO

Periodic Inventory System Ending Inventory Cost of Goods Sold
LIFO
FIFO LIFO
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