Refer to the information in Exercise 6-11 and assume the periodic inventory system is used. Determine the

Question:

Refer to the information in Exercise 6-11 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. (c) Compute the gross profit for each method.


Data From Exercise 6-11

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 sold using 

(a) FIFO 

(b) LIFO. 

(c) Compute the gross profit for each method.

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