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

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Accounting

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

Date Activities Units Acquired at Cost Units Sold at Retail
January 1 Beginning inventory 40 units @ $2 = $ 80
January 3 Sales 30 units @ $8
February 14 Purchase 70 units @ $3 = $ 210
February 15 Sales 60 units @ $8
June 30 Purchase 90 units @ $4 = $ 360
November 6 Sales 86 units @ $8
November 19 Purchase 20 units @ $5 = $ 100
Totals 220 units $ 750 176 units

The company uses a periodic inventory system.

  1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
  2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
  3. Compute the gross profit for each method.

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