Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I got the first part, but i need help with part a2 You are provided with the following information for Barton Inc. Barton Inc. uses

I got the first part, but i need help with part a2

image text in transcribedimage text in transcribed

You are provided with the following information for Barton Inc. Barton Inc. uses the periodic method of accounting for its inventory transactions March 1 Beginning inventory 2,035 liters at a cost of 61 per liter. March 3 Purchased 2,510 liters at a cost of 65 per liter. March 5 Sold 2,300 liters for $1.00 per liter. March 10 Purchased 3,950 liters at a cost of 70g per liter. March 20 Purchased 2,570 liters at a cost of 74 per liter. March 30 Sold 5,210 liters for $1.31 per liter. (al) Your answer is correct. Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow methods. (Round answers to 0 decimal places, e.g. 1250.) (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: 490 liters from March 1; 500 liters from March 3; 2,860 liters from March 10; and 1,360 liters from March 20 (2) FIFO (3) LIFO Ending inventory Specific identification 2452.35 FIFO FIFO 2591.3 LIFO 2229.35

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Finesse An Accounting Guide For Entrepreneurs

Authors: TaShara Ramese

1st Edition

1732510903, 978-1732510906

More Books

Students also viewed these Accounting questions