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Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: The company uses a perpetual inventory system. Units Acquired at Cost Units Sold at Retail 230 units @ $2= $460 @ $8 372 units 280 units 96 units 978 units @ $3 = @ $4 @ $5 = 1,116 1,120 $ 480 $ 3,176 138 units 250 units 220 units 608 units 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. @ $ 8 @ $8

Tree Seedlings has the following current-year purchases and sales for its only product. Required: 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. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{17}{|c|}{ Perpetual FIFO: } \\ \hline \multirow{3}{*}{DateJanuary1} & \multicolumn{3}{|c|}{ Goods Purchased } & \multicolumn{7}{|c|}{ Cost of Goods Sold } & \multicolumn{6}{|c|}{ Inventory Balance } \\ \hline & \multicolumn{2}{|c|}{# of units } & \multirow[t]{2}{*}{Costperunit} & \multicolumn{2}{|c|}{#ofunitssold} & \multirow{2}{*}{\multicolumn{2}{|c|}{Costperunit}} & \multicolumn{3}{|c|}{CostofGoodsSold} & \multicolumn{2}{|c|}{ \# of units } & \multicolumn{2}{|c|}{Costperunit} & \multicolumn{2}{|r|}{InventoryBalance} \\ \hline & & & & & & & & & & & 230 & at & & 2.00 & = & $460.00 \\ \hline January 3 & & & & 138 & at & $ & 2.00 & = & $ & 276.00 & 92 & at & $ & 2.00 & = & $184.00 \\ \hline \multirow{2}{*}{ February 14} & 372 & at & $3.00 & & & & & & & & 92 & at & $ & 2.00 & = & $184,00 \\ \hline & & & & & & & & & & & 372 & at & $ & 3.00 & = & 1,116.00 \\ \hline Total February 14 & & & & & & & & & & & & & & & & $1,300,00 \\ \hline \multirow{2}{*}{ February 15} & & & & 92 & at & $ & 2.00 & = & & 184.00 & 0 & at & $ & 2.00 & = & \\ \hline & & & & 122 & at & $ & 3.00 & = & & 366.00 & 0 & at & $ & 3.00 & = & \\ \hline Total Fobruary 15 & & & & & & & & & $ & 550.00 & & & & & & \\ \hline \multirow{3}{*}{ June 30} & 280 & at & $4.00 & & & & & & & & 0 & at & $ & 2.00 & & \\ \hline & & & & & & & & & & & 0 & at & $ & 3.00 & & \\ \hline & & & & & & & & & & & 280 & at & $ & 4.00 & = & 1,120.00 \\ \hline Total June 30 & & & & & & & & & & & & & & & & $1,120.00 \\ \hline \multirow{3}{*}{ November 6} & & & & & at & $ & 2.00 & = & $ & 0.00 & 0 & at & $ & 2.00 & & \\ \hline & & & & & at & $ & 3.00 & = & & 0.00 & 0 & at & $ & 3.00 & & \\ \hline & & & & & at & $ & 4.00 & = & & 0.00 & & at & $ & 4.00 & & \\ \hline Total November 6 & & & & & & & & & & & & & & & & \\ \hline \end{tabular}

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