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

Date	Activities	Units Acquired at Cost					Units Sold at Retail
January 1	Beginning inventory	60	units	@ $2	=	$ 120
January 3	Sales						38	units	@ $ 8
February 14	Purchase	86	units	@ $3	=	$ 258
February 15	Sales						80	units	@ $ 8
June 30	Purchase	110	units	@ $4	=	$ 440
November 6	Sales						98	units	@ $ 8
November 19	Purchase	28	units	@ $5	=	$ 140
	Totals	284	units			$ 958	216	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

Complete this question by entering your answers in the tabs below. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Complete this question by entering your answers in the tabs below. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Complete this question by entering your answers in the tabs below. Compute the gross profit for each method