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

Date			Activities		Units Acquired at Cost							Units Sold at Retail
	Jan.	1		Beginning inventory		40	units	@ $2	=	$	80
	Jan.	3		Sales									30	units	@ $8
	Feb.	14		Purchase		70	units	@ $3	=	$	210
	Feb.	15		Sales									60	units	@ $8
	June	30		Purchase		90	units	@ $4	=	$	360
	Nov.	6		Sales									86	units	@ $8
	Nov.	19		Purchase		20	units	@ $5	=	$	100
				Totals		220	units			$	750		176	units

Required:

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 margin for each method.

Tree Seedlings has the following current-year purchases and sales for its only product. Activities Units Acquired at Cost Units Sold at Retail Date Jan. 1 Beginning inventory Jan. 3 Sales Feb.14 Purchase Feb.15 Sales June 30 Purchase Nov. 6 Sales Nov.19 Purchase 40 units $2 $ 80 7e units $3$210 90 units $4 $360 20 units a $5$100 30 units $8 60 units $8 86 units a $8 Totals 220 units $750 176 units Required: 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 margin for each method Complete this question by entering your answers in the tabs below