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		50	units	@ $2	=	$	100
	Jan.	3		Sales									34	units	@ $8
	Feb.	14		Purchase		78	units	@ $3	=	$	234
	Feb.	15		Sales									70	units	@ $8
	June	30		Purchase		100	units	@ $4	=	$	400
	Nov.	6		Sales									92	units	@ $8
	Nov.	19		Purchase		24	units	@ $5	=	$	120
				Totals		252	units			$	854		196	units

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 margin for each method.