Use the following information for the Exercises 11-13 below. (Algo) [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 Jan. 1 Beginning inventory Jan. 3 Sales Feb. 14 Purchase Feb. 15 Sales June 30 Purchase Nov. 6 Sales Nov. 19 Purchase Totals Units Acquired at Cost Units Sold at Retail 160 units @ $2 = $ 320 110 units @ $8 246 units @ $3 = $ 738 180 units @ $8 210 units @ $4 = $ 840 158 units @ $8 68 units @ $5 340 684 units $2,238 448 units Exercise 5-11 (Algo) Periodic: Inventory costing methods-FIFO 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 Next >