Tree Seedlings has the following current-year purchases and sales for its only product. Units Acquired at Cost 40 units @ $2 - $ 80 Units Sold at Retail 30 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 70 units @ $3 = $ 210 60 units @ $8 90 units @ $4 - $360 86 units @ $8 20 units e $5 I $100 220 units $ 750 Totals 176 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. Perpetual FIFO: Goods Purchased # of Cost per units Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date unit January 1 January 3 February 14 Inventory Balance Cost per # of units Inventory unit Balance 40 @ $ 2.00 - $ 80.00 40 @ $ 2.00 - $ 80.00 $ 2.00 $ 3.00 30 @ $ 8.00 $ 240.00 70 @ $ 3.00 @ s February 15 June 30 November 6 November 19 Totals $ 240.00 Perpetual LIFO: Goods Purchased # of Cost per units unit Cost of Goods Sold # of units Cost per Cost of Goods sold unit Sold Date Inventory Balance Cost per Inventory # of units unit Balance 40 @ $ 2.00 - $ 80.00 January 1 January 3 February 14 February 15 June 30 November 6 November 19 Totals $ 0.00 FIFO: LIFO: Sales revenue Cost of goods sold Gross margin $ 0 $ 0