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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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5
![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 11
January 3
February 14
February 15
June 30
November 6
November 19
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Sales
Purchase
Totals
Required A
Required B Required C
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.
Commit the
Compute the gross profit for each method.
Sales
Cost of goods sold
Gross profit
to Chamy liventory 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.
✔
FIFO
0
Units Acquired at Cost
50 units
78 units
$
100 units
LIFO
24 units
252 units
0
Units Sold at Retail
@ $8
34 units
70 units
92 units
@ $8
@ $8
$2 = $ 100
@$3= $234
@$4$ 400
@ $5 = $ 120
$854 196 units
Answer is not complete.](https://content.bartleby.com/qna-images/question/cc7ff735-d054-453c-a800-206db342f167/a5db3a95-c05f-4c01-8a2d-ca5612817585/hlqi5_thumbnail.jpeg)
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 11
January 3
February 14
February 15
June 30
November 6
November 19
Activities
Beginning inventory
Sales
Purchase
Sales
Purchase
Sales
Purchase
Totals
Required A
Required B Required C
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.
Commit the
Compute the gross profit for each method.
Sales
Cost of goods sold
Gross profit
to Chamy liventory 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.
✔
FIFO
0
Units Acquired at Cost
50 units
78 units
$
100 units
LIFO
24 units
252 units
0
Units Sold at Retail
@ $8
34 units
70 units
92 units
@ $8
@ $8
$2 = $ 100
@$3= $234
@$4$ 400
@ $5 = $ 120
$854 196 units
Answer is not complete.
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