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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 110 units @ $2 $ 220 90 units @ $8 156 units @ $3 $ 468 130 units @ $8 160 units @ $4 $ 640 128 units @ $8 48 units @ $5 $ 240 474 units $1,568 348 units = = Exercise 5-11 (Algo) Periodic: Inventory costing methodsFIFO 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. Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Periodic Inventory System Ending Inventory Cost of Goods Sold FIFO Required A Required B Required Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Periodic Inventory System Ending Inventory Cost of Goods Sold LIFO Required A Required B Required C Compute the gross profit for each method. FIFO LIFO Sales Cost of goods sold Gross profit $ $ 0 $ 0