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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. Units Acquired at Cost 180 units 282 units Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Required: The company uses a perpetual inventory system. Required A Date January 1 January 3 Exercise 5-11 (Algo) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Complete this question by entering your answers in the tabs below. February 14 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. Total February 14 February 15 Total February 15 June 30 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Total June 30 Totals Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold November 6 Total November 6 Totals November 19 Required B 230 units Required C 76 units 768 units @ $2 - $ 360 @$3$ 846 8 $4 $920 $5 $380 $ 2,506 Goods Purchased # of units Cost per # of units unit sold Cost per Cost of Goods unit Sold Units Sold 118 units 200 units 170 units S ! 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 January 1 January 3 February 14 February 15 June 30 November 6 November 19 View transaction list 1 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase. Journal entry worksheet Totals Exercise 5-12 (Algo) Perpetual: Journalizing transactions LO P1 2 Date January 03 Record the sale of goods. Record entry 3 Note: Enter debits before credits. 4 Units Acquired at Cost 180 units @ $2 = $360 @ $3 = $846 @ $4 = $ 920 Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered. 282 units General Journal 230 units 76 units 768 units Clear entry 5 6 7 @ $5$ 380 $ 2,506 8 9 Debit Units Sold at Retail Credit 118 units 200 units 170 units 488 units View general journal @ $8 @ $8 > @ $8