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

Transcribed Image Text:

Tree Seedlings has the following current-year purchases and sales for its only product. Units Sold at Retail Date January 1 January 3 Activities Beginning inventory Sales Units Acquired at Cost 210 units @$2= $ 420 130 units @s8 $ February 14 Purchase 336 units @$3= 1,008 February 15 Sales 230 units esa June 30 Purchase 260 units @ $4= 1,040 Sales 188 units November 6 November 19 esa Purchase 88 units @ $5 $440 $ Totals 894 units 548 units 2,908 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. 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 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Cost of Periodic Inventory System Ending Inventory Goods Sold LIFO Compute the gross profit for each method. FIFO LIFO Tree Seedlings has the following current-year purchases and sales for its only product. Units Sold at Retail Date January 1 January 3 Activities Beginning inventory Sales Units Acquired at Cost 210 units @$2= $ 420 130 units @s8 $ February 14 Purchase 336 units @$3= 1,008 February 15 Sales 230 units esa June 30 Purchase 260 units @ $4= 1,040 Sales 188 units November 6 November 19 esa Purchase 88 units @ $5 $440 $ Totals 894 units 548 units 2,908 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. 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 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Cost of Periodic Inventory System Ending Inventory Goods Sold LIFO Compute the gross profit for each method. FIFO LIFO

Answer rating: 100% (QA)

Requirement ... View the full answer