FIFO LIFO CONCORDINC. Income Statement (partial) For the Month Ended December 31, 2022 O Specific Identification $ Cost of goods sold Sales revenue Gross profit/ (Loss) Ending inventory Beginning inventory Purchases Cost of goods available for sale Attempts: 0 of 5 used Submit Answer 95 96 7 8 88 6 Current Attempt in Progress You have the following information for Concord Inc. Concord Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2.200 liters at a cost of 80 per liter. March 3 Purchased 2,500 liters at a cost of 84 per liter. March 5 March 10 March 20 March 30 Sold 2,300 liters for $1.05 per liter. Purchased 4,000 liters at a cost of 91 per liter. Purchased 2,300 liters at a cost of 99 per liter. Sold 5,000 liters for $1.25 per liter. (a1) 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: (1) 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 (i) 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: 1.100 liters from March 20. (2) FIFO (3) LIFO Specific identification FIFO LIFO eTextbook and Media Save for Later Ending inventory $ Attempts: 0 of 5 used Submit Anwer