4 ! 16 points eBook Print L References Required information 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 70 units $2-$ 140 42 units @ $8 94 units @ $3 - $ 282 120 units @ $4 - $ 480 90 units @ $8 104 units @ $8 32 units @ $5 $ 160 316 units $1,062 236 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