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	200	units	@ $2	=	$ 400
January 3	Sales						126	units	@ $ 8
February 14	Purchase	318	units	@ $3	=	$ 954
February 15	Sales						220	units	@ $ 8
June 30	Purchase	250	units	@ $4	=	$ 1,000
November 6	Sales						182	units	@ $ 8
November 19	Purchase	84	units	@ $5	=	$ 420
	Totals	852	units			$ 2,774	528	units

Required:

The company uses a perpetual inventory system.

1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
3. Compute the gross profit for each method.