Tree Seedlings has the following current-year purchases and sales for its only product. 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 Units Acquired at Cost Units Sold at Retail 90 units @ $2 = $ 180 66 units @ $8 120 units @ $3 = $ 360 110 units @ $8 140 units @ $4 $ 560 116 units @ $8 40 units @ $5 $ 200 390 units $1,300 292 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 LIFO: Goods Purchased # of units unit Cost per Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 90 @ $ 2.00 = $ 180.00 January 1 January 3 February 14 February 15 June 30 November 6 November 19 Totals $ 0.00 Perpetual FIFO Goods Purchased Cost of Goods Sold #of Cost per # of units Cost per Cost of Goods units unit sold unit Sold Date Inventory Balance Cost per # of units Inventory unit Balance 90 @ $ 2.00 = $ 180.00 January 1 January 3 February 14 February 15 June 30 November 6 November 19 Required A Required B Required c Compute the gross margin for each method. FIFO: LIFO: Sales revenue Cost of goods sold Gross margin $ 0 $ 0