Tree Seedlings has the following current$-$year purchases and sales for its only product.

Date

Activities

Jan. $1$ Beginning inventory

Jan. $3$ Sales

Feb$\mathrm{.}14$ Purchase

Feb. $15$ Sales

June $30$ Purchase

Nov. $6$ Sales

Nov$\mathrm{.}19$ Purchase

Totals

Units Acquired at Cost Units Sold at Retail

$200$ units @ $$2=$ $ $400$

$318$ units @ $$3=$ $ $954$

$250$ units @ $$4=$ $$1,000$

$84$ units @ $$5=$ $ $420$

$852$ units

$$2,774$

$126$ units @ $$8$

$220$ units @ $$8$

$182$ units @ $$8$

$528$ units

Required:

The company uses a perpetual inventory system.

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

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

$$Compute the gross margin for each method.

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

Required A

Required B

Required C

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

Perpetual FIFO: