Tree Seedlings has the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at cost 40 units @ $2 = $ 80 30 units @ $8 70 units @ $3 = $210 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 60 units @ $8 90 units @ $4 = $360 86 units @ $8 20 units @ $5 = $100 220 units $750 176 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. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: 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 40 @ $ 2.00 = $ 80.00 Date January 1 January 3 February 14 February 15 June 30