Tree Seedlings has the following current-year purchases and sales for its only product. Units Acquired at Cost 200 units e$2$ 400 Units Sold at Retail 126 units @ $8 318 units @ $3 - $ Date Activities Jan. 1 Beginning inventory Jan. 3 Sales Feb. 14 Purchase Feb. 15 Sales June 30 Purchase Nov. 6 Sales Nov.19 Purchase Totals 954 220 units @ $8 250 units @ $4 - $1,000 182 units @ $8 84 units @ $5 852 units $ 420 $ 2,774 528 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 margin for each method. Perpetual FIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory #of units unit Balance 200 $ 2.00 = $ 400.00 @ January 1 January 3 February 14 126 @ $ 2.00 $ 252.00 74 $ 2.00 = $ 148.00 318) e $ 3.00 74 $ 2.00 = $ 3.00 318 @ $ 148.00 954.00 $1,102.00 February 15 74 @ 146) $ 2.00 $ 3.00 $ 148,00 438.00 $ 586.00 @ @ $ 2.00 $ 3.00 = June 30 250 @ $ 4.00 @ $ 2.00 $ 3.00 $ 4.00 November 6 172 10 November 19 84 $ 5.00 Perpetual LIEU Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Cost per Inventory Balance Inventory # of units unit Balance 200 @ $ 2.00 = $ 400.00 Date January 1 January 3 126 @ $ 220.00 $ 27,720.00 $ 2.00 = February 14 + February 15 220 June 30 November 6 November 19