Answer Happy

4 16 points eBook Print References ! Required information Use the following information for the Exercises 11-13 below. (Algo) [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date Activities. Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory Jan. 3 Sales 70 units @ $2 - $ 42 units @ $8 Feb.14 Purchase 94 units @ $3-$ 282 Feb.15 Sales 90 units @ $8 June 30 Purchase 120 units @ $4- $ 480 Nov. 6 Sales 104 units @ $8 Nov.19 Purchase 32 units @ $5 - $160 316 units $1,062 Totals 236 units Exercise 5-11 (Algo) Periodic: Inventory costing methods-FIFO and LIFO LO P1 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 profit for each method.