Tree Seedlings has the following current-year purchases and sales for its only product. Activities Beginning inventory 130 units @$2 = 260. Sales 98 units sold @ $8. Purchase 192 units @ $3 = 576. Sales 150 units @ $8. Purchase 180 units @ $4 = 720. Sales 140 units @ $8. Purchase 56 units @ $5 = 280.

Totals 558 units accquired cost $1836 and 336 units sold.

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