$\backslash$table$[[$Date$,$Activities,Units Acq,ired at$,$LC$,,$Units Sold a$,$Retail$],[$January $1,$Beginning inventory,$40$ units,e $$2,=,$$$80,,],[$January $3,$Sales,,,,,$30$ units,e $$8],[$February $14,$Purchase,$70$ units,e $$3,=,$$$210,,],[$February $15,$Sales,,,,,$60$ units,$$8],[$June $30,$Purchase,$90$ units,$$4,=,$$$360,,],[$November $6,$Sales,,,,,$86$ units,$$8],[$November $19,$Purchase,$20$ units,$$ $$5,=,$$$100,,],[,$Totals,$220$ units,,,$$750,176$ units,$]]$

Required:

The company uses a perpetual 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.

Complete this question by entering your answers in the tabs below.

Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.