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Required information Skip to question The following information applies to the questions displayed below. Tree Seedlings has the following currentyear purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January Beginning inventory units @ $ $ January Sales units @ $ February Purchase units @ $ $ February Sales units @ $ June Purchase units @ $ $ November Sales units @ $ November Purchase units @ $ $ Totals units $ units Required: The company uses a perpetual 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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The following information applies to the questions displayed below.
Tree Seedlings has the following currentyear purchases and sales for its only product.
Date Activities Units Acquired at Cost Units Sold at Retail
January Beginning inventory units @ $ $
January Sales units @ $
February Purchase units @ $ $
February Sales units @ $
June Purchase units @ $ $
November Sales units @ $
November Purchase units @ $ $
Totals units $ units
Required:
The company uses a perpetual 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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