Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 Activities Beginning inventory 150 units Units Acquired at Cost @ $2 = $ 300 Units Sold at Retail January 3 Sales 106 units @ $ 8 February 14 June 30 February 15 Purchase Sales Purchase 228 units @ $3 = $ 684 170 units @ $ 8 200 units @ $4 = $ 800 November 6 November 19 Sales 152 units @ $ 8 Purchase 64 units @ $5 == $ 320 $ Totals 642 units 428 units 2,104 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. 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 Compute the gross profit for each method. FIFO LIFO Sales revenue $ 1,408 $ 1,408 Cost of goods sold 554 584 Gross profit $ 854 $ 824 Goods Purchased Perpetual FIFO: Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units January 1 150 at Inventory Balance Cost per unit Inventory Balance $ 2.00 = $ 300.00 January 3 February 14 106 at $ 8.00 = $ 848.00 44 at $ 2.00 = $ 88.00 228 at $ 3.00 44 at 228 at $ 2.00 = $ $ 3.00 = 88.00 684.00 Total February 14 $ 772.00 February 15 44 at 126 at $ 2.00 = $ 3.00 = $ 88.00 378.00 at $ 2.00 = 102 at $ 3.00 = $ 306.00 Total February 15 $ 466.00 $ 306.00 200 at $ 4.00 at $ 2.00 June 30 at $ 3.00 48 at $ 4.00 = 192.00 Total June 30 $ 192.00 at $ 2.00 = $ 0.00 at $ 2.00 = November 6 at $ 3.00 = 152 at $ 4.00 = 0.00 608.00 at $ 3.00 = 152 at $ 4.00 = 608.00 Total November 6 $ 608.00 $ 608.00 November 19 Totals $ 1,922.00 = = = Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Perpetual LIFO: Goods Purchased Cost of Goods Sold Date # of units Cost per unit # of units sold Cost per Cost of Goods unit Sold # of units January 1 150 at $ 2.00 = Inventory Balance Cost per unit Inventory Balance $ 300.00 January 3 228 at $ 3.00 = $ 684.00 128 at $ 2.00 = $ 256.00 228 at $ 3.00 100 at $ 2.00 = $ 200.00 February 14 100 at $ 3.00= 300.00 Total February 14 $ 500.00 170 at $ 2.00 = $ 340.00 at $ 2.00 = February 15 at $ 3.00 = 0.00 at $ 3.00 = Total February 15 $ 340.00 June 30 Total June 30 November 6 Total November 6 November 19 Totals $ 1,024.00