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 90 units @ $2 = $ 180 January 3 Sales 66 units @ $ 8 February 14 Purchase 120 units @ $3 = $ 360 February 15 Sales 110 units @ $ 8 June 30 Purchase 140 units @ $4 = $ 560 November 6 Sales 116 units @ $ 8 November 19 Purchase 40 units @ $5 = $ 200 Totals 390 units $ 1,300 292 units Required: The company uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.

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