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

Required

The company uses a perpetual inventory system. Determine the costs assigned to ending inventory and to cost of goods soldusing

(a) FIFO

(b) LIFO.

(c) Compute the gross margin for each method.

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Activities Units Acquired at Cost 40 units @ $2 = $ 80 Units Sold at Retall Date Beginning inventory.. Jan. 30 units @ $8 Jan. Sales..... Purchase.. Sales.. 70 units @ $3= $210 Feb. 14 60 units @ $8 Feb. 15 90 units @ $4= $360 Purchase.. June 30 86 units @ $8 Sales. 6. Nov. 20 units @ $5 = $100 Nov. 19 Purchase.. 220 units $750 176 units Totals