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Tree Seedlings has the following current-year purchases and sales for its only product.
| Date | Activities | Units Acquired at Cost | Units Sold at Retail |
| January 1 | Beginning inventory | 200 | units | @ $2 | = | $ 400 | | | |
| January 3 | Sales | | | | | | 126 | units | @ $ 8 |
| February 14 | Purchase | 318 | units | @ $3 | = | $ 954 | | | |
| February 15 | Sales | | | | | | 220 | units | @ $ 8 |
| June 30 | Purchase | 250 | units | @ $4 | = | $ 1,000 | | | |
| November 6 | Sales | | | | | | 182 | units | @ $ 8 |
| November 19 | Purchase | 84 | units | @ $5 | = | $ 420 | | | |
| | Totals | 852 | units | | | $ 2,774 | 528 | units | |
The company uses a periodic 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 profit for each method.
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