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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
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 Units Acquired at Cost Units Sold at Retail 140 units @ $2 280 102 units @ $8 210 units @ $3 630 160 units @ $8 190 units @ $4 760 146 units @ $8 60 units @ $5 300 600 units $1,970 408 units = Totals 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
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