Tree Seedlings has the following current-year purchases and sales for its only product. Units Sold...
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Tree Seedlings has the following current-year purchases and sales for its only product. Units Sold at Retail 140 Units Acquired at Cost 70 units @ $2 - $ 94 units @ $3 - $ 42 units @ $8 282 Date Activities Jan. 1 Beginning inventory Jan. 3 Sales Feb. 14 Purchase Feb. 15 Sales June 30 Purchase Nov. 6 Sales Nov. 19 Purchase Totals 86 units @ $8 120 units @ $4 - $ 480 94 units @ $8 34 units @ $5 318 units $ 170 $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 Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. Periodic Inventory System Ending Inventory Goods Sold Cost of LIFO
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