brief exercise

You are provided with the following information for Blossom Inc. Blossom Inc. uses the periodic system of accounting for its inventory transactions. March 1 Beginning inventory 1,935 liters at a cost of 60 per liter. March 3 Purchased 2,440 liters at a cost of 65 per liter. March 5 Sold 2,280 liters for $1.05 per liter. March 10 Purchased 4,085 liters at a cost of 724 per liter. March 20 Purchased 2,470 liters at a cost of 80 per liter. March 30 Sold 5,200 liters for $1.30 per liter. 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. 125.25.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,280 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: 475 liters from March 1; 590 liters from March 3; 2,900 liters from March 10; 1,235 liters from March 20. (2) FIFO (3) LIFO Ending Inventory Specific identification FIFO LIFO Prepare partial income statements through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,280 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: 475 liters from March 1; 590 liters from March 3; 2,900 liters from March 10; 1,235 liters from March 20. (2) FIFO (3) LIFO Blossom Inc. Income Statement (partial) Specific Identification FIFO LIFO