Tree Seedlings has the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 240 units @ $2 - $ 480 142 units @ $8 390 units @ $3 $1,170 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 260 units @ $8 290 units @ $4 - $1,160 236 units @ $8 100 units @ $5 - $ 500 1,020 units $3,310 638 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 Date Inventory Balance # of units Cost per Inventory unit Balance 240 @ $ 2.00 - $ 480.00 January 1 January 3 February 14 February 15 June 30 November 6 November 19 Totals S 0.00 Required A Required B Required C Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased #of Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units Balance 240 @ $ 2.00 - $ 480.00 units unit unit January 1 January 3 February 14 February 15 June 30 November 6 November 19 Totals $ 0.00