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Tree Seedlings has the following current-year purchases and sales for its only product. Exercise 5-11...

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Accounting

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Tree Seedlings has the following current-year purchases and sales for its only product. Exercise 5-11 (Static) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 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. Determine the costs assigned to ending inventory and to cost of goods sold using LFO. Compute the gross profit for each method

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