Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1...

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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 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase 246 units Units Acquired at Cost 160 units @ $2 = $ 320 $ 738 110 units @ $3 = 180 units Units Sold at Retail @ $ 8 @ $ 8 210 units $4 = $ 840 158 units @ $ 8 68 units @ $5 = $ 340 Totals 684 units $ 2,238 448 units 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. 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. Periodic Inventory System Ending Inventory Cost of Goods Sold FIFO < Required A Required B > 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 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase 246 units Units Acquired at Cost 160 units @ $2 = $ 320 $ 738 110 units @ $3 = 180 units Units Sold at Retail @ $ 8 @ $ 8 210 units $4 = $ 840 158 units @ $ 8 68 units @ $5 = $ 340 Totals 684 units $ 2,238 448 units 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. 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. Periodic Inventory System Ending Inventory Cost of Goods Sold FIFO < Required A Required B >

Answer rating: 100% (QA)

To help you with this question well need to calculate the cost of goods sold COGS and the value of the ending inventory under both FIFO FirstIn FirstO... View the full answer