Tree Seedlings has the following current-year purchases and sales for its only product. Units Acquired...
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Tree Seedlings has the following current-year purchases and sales for its only product. Units Acquired at Cost 70 units @ $2 - $ 140 Units Sold at Retail 42 units @ $8 Date Activities Jan. 1 Beginning inventory Jan. 3 Sales Feb. 14 Purchase Feb. 15 Sales June 30 Purchase Nov. 6 Sales Nov. 19 Purchase 94 units @ $3 - $ 282 86 units @ $8 120 units @ $4 - $ 480 94 units @ $8 - $ 170 34 units @ $5 318 units Totals $1,072 222 units Required: 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 margin for each method. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the gross margin for each method. Gross Margin FIFO LIFO
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