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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
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 decimal places, eg
Specific identification method assuming:
i The March sale consisted of liters from the March beginning inventory and liters from the March purchase; and
ii The March sale consisted of the following number of units sold from beginning inventory and each purchase: liters from March ; liters from March ; liters from March ; liters from March
FIFO
LIFO Ending inventory
Specific identification
$ enter a dollar amount
FIFO
$ enter a dollar amount
LIFO
$ enter a dollar amount Prepare partial income statements for through gross profit, under each of the following cost flow assumptions. Round answers to decimal places, eg
Specific identification method assuming:
i The March sale consisted of liters from the March beginning inventory and liters from the March purchase; and
ii The March sale consisted of the following number of units sold from beginning inventory and each purchase: liters from March ; liters from March ; liters from March ; liters from March
FIFO
LIFO
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