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Tree Seedlings has the following current-year purchases and sales for its only product. Units Sold at Units Acquired at Cost 54 units @ $2 $ 108 Retail = 88 units @ $3 = $ 264 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 44 units $8 64 units e$8 $8 210 units @ $4 = $ 840 158 units @ 20 units @ $5 372 units = $ 100 $1,312 266 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 FIO CO of Periodic Inventory System Ending Inventory Goods Sold FIFO $ 446 / $ 868 Required A Required B > 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 Cost of Goods Sold LIFO $ 400 $ 912 Required A Required C Required A Required B Required C Compute the gross margin for each method. Gross Margin FIFO LIFO Sales $ 2,128 868 Cost of goods sold Gross margin 2,128 912 1,216 $ 1,260

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