Activities Beginning inventory Tree Seedlings has the following current-year purchases and sales for its only product....

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Activities Beginning inventory Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 Units Acquired at Cost Units Sold at Retail 160 units @ $2 = $ 320 January 3 Sales 110 units @ $ 8 February 14 February 15 June 30 Purchase Sales Purchase 246 units @ $3 = $ 738 180 units @ $ 8 210 units @ $4 $ 840 November 6 Sales 158 units @ $ 8 November 19 Purchase Totals 68 units 684 units @ $5 = $ 340 $ 448 units 2,238 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. Answer is not complete. 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 LIFO. Periodic Inventory LIFO System Cost of Ending Inventory Goods Sold 846 $ 1,392 X Activities Beginning inventory Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 Units Acquired at Cost Units Sold at Retail 160 units @ $2 = $ 320 January 3 Sales 110 units @ $ 8 February 14 February 15 June 30 Purchase Sales Purchase 246 units @ $3 = $ 738 180 units @ $ 8 210 units @ $4 $ 840 November 6 Sales 158 units @ $ 8 November 19 Purchase Totals 68 units 684 units @ $5 = $ 340 $ 448 units 2,238 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. Answer is not complete. 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 LIFO. Periodic Inventory LIFO System Cost of Ending Inventory Goods Sold 846 $ 1,392 X

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