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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

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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 170 units @ $2 - $ 340 Jan. 3 Sales 114 units @ $8 Feb. 14 Purchase 264 units @ $3 - $ 792 Feb. 15 Sales 190 units @ $8 June 30 Purchase 220 units @ $4 - $ 880 Nov. 6 Sales 164 units @ $8 Nov. 19 Purchase 72 units @ $5 = $360 Totals 726 units $2,372 468 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

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