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The company uses a perpetual 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. Complete this question by entering your answers in the tabs below. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Complete this question by entering your answers in the tabs below. Compute the gross profit for each method. \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ Perpetual LIFO: } \\ \hline \multirow[b]{3}{*}{ January 1} & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Inventory Balance: } \\ \hline & \# of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{l} \# of units \\ sold \end{tabular} & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{l} Cost of Goods \\ Sold \end{tabular} & # of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{c} Inventory \\ Balance \end{tabular} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ January 3} \\ \hline \multicolumn{9}{|l|}{ February 14} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total February 14} \\ \hline \multirow{2}{*}{\multicolumn{9}{|c|}{ February 15}} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total February 15} \\ \hline & & & & & & & & \\ \hline June 30 & & & & & & & & \\ \hline \end{tabular} Required information [The following information applies to the questions displayed below] Tree Seedlings has the following current-year purchases and sales for its only product. Required: The company uses a perpetual inventory system. \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{9}{|c|}{ Perpetual FIFO: } \\ \hline \multirow[b]{3}{*}{ January 1} & \multicolumn{2}{|c|}{ Goods Purchased } & \multicolumn{3}{|c|}{ Cost of Goods Sold } & \multicolumn{3}{|c|}{ Inventory Balance } \\ \hline & \# of units & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{l} \# of units \\ sold \end{tabular} & \multirow[t]{2}{*}{\begin{tabular}{c} Cost per \\ unit \end{tabular}} & \begin{tabular}{l} Cost of Goods \\ Sold \end{tabular} & # of units & \begin{tabular}{c} Cost per \\ unit \end{tabular} & \begin{tabular}{l} Inventory \\ Balance \end{tabular} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ January 3} \\ \hline \multicolumn{9}{|l|}{ February 14} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total February 14} \\ \hline \multicolumn{9}{|l|}{ February 15} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total February 15} \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ June 30} \\ \hline & & & & & & & & \\ \hline \end{tabular} Required information

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