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

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 230 units @ $2 = $ 460 Jan. 3 Sales 138 units @ $8 Feb. 14 Purchase 372 units @ $3 = $ 1,116 Feb. 15 Sales 250 units @ $8 June 30 Purchase 280 units @ $4 = $ 1,120 Nov. 6 Sales 220 units @ $8 Nov. 19 Purchase 96 units @ $5 = $ 480 Totals 978 units $ 3,176 608 units 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 margin for each method.

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