February 15 June 30 Purchase Sales Purchase Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 Activities Beginning inventory January 3 Sales February 14 Units Acquired at Cost Units Sold at Retail 50 units @$2 = $ 100 34 units @ $8 78 units @ $3 = $ 234 70 units @ $ 8 100 units @ $4 = $ 400 November 6 Sales 92 units @ $ 8 November 19 Purchase Totals 24 units 252 units @ $5 = $ 120 $ 854 196 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 profit for each method.
February 15 June 30 Purchase Sales Purchase Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 Activities Beginning inventory January 3 Sales February 14 Units Acquired at Cost Units Sold at Retail 50 units @$2 = $ 100 34 units @ $8 78 units @ $3 = $ 234 70 units @ $ 8 100 units @ $4 = $ 400 November 6 Sales 92 units @ $ 8 November 19 Purchase Totals 24 units 252 units @ $5 = $ 120 $ 854 196 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 profit for each method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required Information
[The following information applies to the questions displayed below.]
Tree Seedlings has the following current-year purchases and sales for its only product.
Date
January 1
Activities
Beginning inventory
Units Acquired at Cost
Units Sold at Retail
50 units
@ $2 = $ 100
January 3
Sales
34 units
@$ 8
February 14
February 15
June 30
November 6
Purchase
Sales
Purchase
Sales
78 units
@$3 = $ 234
70 units
@ $ 8
100 units
@$4 = $ 400
92 units
@ $ 8
November 19
Purchase
Totals
24 units
252 units
@$5
$ 120
$ 854 196 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 profit for each method.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Required C
Compute the gross profit for each method.
FIFO
LIFO
Sales revenue
Cost of goods sold
Gross profit
$
0
$
0
< Required B
Required C](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1613a2ad-9c52-435f-ab2a-f664abda7939%2F55bf0fec-2c29-4817-a0b0-88acaa558b57%2Fb1tgrz_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
Tree Seedlings has the following current-year purchases and sales for its only product.
Date
January 1
Activities
Beginning inventory
Units Acquired at Cost
Units Sold at Retail
50 units
@ $2 = $ 100
January 3
Sales
34 units
@$ 8
February 14
February 15
June 30
November 6
Purchase
Sales
Purchase
Sales
78 units
@$3 = $ 234
70 units
@ $ 8
100 units
@$4 = $ 400
92 units
@ $ 8
November 19
Purchase
Totals
24 units
252 units
@$5
$ 120
$ 854 196 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 profit for each method.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Required C
Compute the gross profit for each method.
FIFO
LIFO
Sales revenue
Cost of goods sold
Gross profit
$
0
$
0
< Required B
Required C
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