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Tree Seedlings has the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 200 units @ $2
Tree Seedlings has the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 200 units @ $2 = $ 400 318 units @ $3 = $ 954 126 units @ $8 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 220 units @ $8 250 units @ $4 = $1,000 182 units @ $8 84 units @ $5 = $ 420 852 units $2,774 528 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 profit for each method. Complete this question by entering your answers in the tabs below. Required A Required B Required Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Periodic Inventory System Ending Inventory Cost of Goods Sold FIFO
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