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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
	Jan.	1		Beginning inventory		220	units	@ $2	=	$	440
	Jan.	3		Sales									134	units	@ $8
	Feb.	14		Purchase		354	units	@ $3	=	$	1,062
	Feb.	15		Sales									240	units	@ $8
	June	30		Purchase		270	units	@ $4	=	$	1,080
	Nov.	6		Sales									204	units	@ $8
	Nov.	19		Purchase		92	units	@ $5	=	$	460
				Totals		936	units			$	3,042		578	units

Exercise 5-11 (Algo) Periodic: Inventory costing methodsFIFO and LIFO LO P1

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 profit for each method.

	Periodic Inventory System Ending Inventory Cost of Goods Sold FIFO

	Periodic Inventory System Ending Inventory Cost of Goods Sold LIFO

	FIFO LIFO

	FIFO	LIFO
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