Tree Seedlings has the following current-year purchases and sales for its only product. Units Acquired at Cost 70 units @ $2 Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals quired: e company uses a perpetual inventory system. 94 units 120 units 32 units 316 units E 11 @$3 = @$5 @$4 = 11 $ 140 $282 $ 480 $ 160 64 ~ $ 1,062 Units Sold at Retail 42 units 90 units 104 units 236 units 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. @ $8 @ $ 8 $8

quired: 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 profit for each method Required information [The following information applies to the questions displayed below] Tree Seedlings has the following current-year purchases and sales for its only product. 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 profit for each method