6-06A a1-a2 (Part Level Submission)

You are provided with the following information for Bramble Inc. Bramble Inc. uses the periodic method of accounting for its inventory transactions.

March1Beginning inventory 2,100 liters at a cost of 80 per liter.March3Purchased 2,500 liters at a cost of 82 per liter.March5Sold 2,300 liters for $1.05 per liter.March10Purchased 4,000 liters at a cost of 89 per liter.March20Purchased 2,500 liters at a cost of 97 per liter.March30Sold 5,100 liters for $1.25 per liter.

(a1)

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Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions.(Round answers to 2 decimal places, e.g. 125.50.)

(1)Specific identification method assuming:(i)The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and(ii)The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,200 liters from March 20.(2)FIFO(3)LIFO

Ending inventory

Specific identification$

FIFO$

LIFO$