Use the following information for the Exercises 11-13 below. (Algo)

Skip to question

[The following information applies to the questions displayed below.] 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		190	units	@ $2	=	$	380
	Jan.	3		Sales									122	units	@ $8
	Feb.	14		Purchase		300	units	@ $3	=	$	900
	Feb.	15		Sales									210	units	@ $8
	June	30		Purchase		240	units	@ $4	=	$	960
	Nov.	6		Sales									176	units	@ $8
	Nov.	19		Purchase		80	units	@ $5	=	$	400
				Totals		810	units			$	2,640		508	units

Exercise 5-11 (Algo) Periodic: Inventory costing methodsFIFO and LIFO LO P1

Required: The company uses a periodic 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.

Pre

Use the following information for the Exercises 11-13 below. (Algo)

Skip to question

[The following information applies to the questions displayed below.] 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		190	units	@ $2	=	$	380
	Jan.	3		Sales									122	units	@ $8
	Feb.	14		Purchase		300	units	@ $3	=	$	900
	Feb.	15		Sales									210	units	@ $8
	June	30		Purchase		240	units	@ $4	=	$	960
	Nov.	6		Sales									176	units	@ $8
	Nov.	19		Purchase		80	units	@ $5	=	$	400
				Totals		810	units			$	2,640		508	units

Exercise 5-11 (Algo) Periodic: Inventory costing methodsFIFO and LIFO LO P1

Required: The company uses a periodic 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.

Use the following information for the Exercises 11-13 below. (Algo)

Skip to question

[The following information applies to the questions displayed below.] 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		190	units	@ $2	=	$	380
	Jan.	3		Sales									122	units	@ $8
	Feb.	14		Purchase		300	units	@ $3	=	$	900
	Feb.	15		Sales									210	units	@ $8
	June	30		Purchase		240	units	@ $4	=	$	960
	Nov.	6		Sales									176	units	@ $8
	Nov.	19		Purchase		80	units	@ $5	=	$	400
				Totals		810	units			$	2,640		508	units

Exercise 5-11 (Algo) Periodic: Inventory costing methodsFIFO and LIFO LO P1

Required: The company uses a periodic 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.

Use the following information for the Exercises 11-13 below. (Algo)

Skip to question

[The following information applies to the questions displayed below.] 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		190	units	@ $2	=	$	380
	Jan.	3		Sales									122	units	@ $8
	Feb.	14		Purchase		300	units	@ $3	=	$	900
	Feb.	15		Sales									210	units	@ $8
	June	30		Purchase		240	units	@ $4	=	$	960
	Nov.	6		Sales									176	units	@ $8
	Nov.	19		Purchase		80	units	@ $5	=	$	400
				Totals		810	units			$	2,640		508	units

Exercise 5-11 (Algo) Periodic: Inventory costing methodsFIFO and LIFO LO P1

Required: The company uses a periodic 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.

Pr