Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 Activities Beginning inventory Units Acquired at Cost Units Sold at Retail 210 units @ $2 = $ 420 January 3 February 14 Sales Purchase 130 units @ $ 8 336 units @ $3 = 1,008 February 15 Sales 230 units @ $ 8 June 30 Purchase 260 units @ $4= 1,040 November 6 November 19 Sales Purchase 188 units @ $ 8 Totals 88 units 894 units @ $5 = $ 440 $ 548 units 2,908 Exercise 5-12A (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P3 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Date Goods Purchased Number of Cost per units unit Cost of Goods Sold Number of units sold Cost per Cost of Goods unit Sold units Inventory Balance Number of Cost per unit Inventory Balance January 1 January 3 February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 November 6 Total November 6 November 19 Totals $ 0.00 Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: January 1 January 3 Date Goods Purchased Number of Cost per units unit Cost of Goods Sold Inventory Balance Number of units sold Cost per Cost of Goods unit Sold Number of Cost per units unit February 14 Total February 14 February 15 Total February 15 June 30 Total June 30 November 6 Total November 6 November 19 Totals < Required A $ 0.00 Required C > Inventory Balance 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the gross profit for each method. FIFO LIFO Sales revenue Cost of goods sold Gross profit $ 0 $ 0