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I need help solving the FIFO and LIFO Problem 6-6A (Part Level Submission) You are provided with the following information for Kingbird, Inc. Kingbird, Inc.
I need help solving the FIFO and LIFO
Problem 6-6A (Part Level Submission) You are provided with the following information for Kingbird, Inc. Kingbird, Inc. uses the periodic system of accounting for its inventory transactions. March 1 Beginning inventory 2,080 liters at a cost of 61 per liter. March 3 Purchased 2,420 liters at a cost of 664 per liter. March 5 Sold 2,285 liters for $1.10 per liter. March 10 Purchased 3,830 liters at a cost of 73 per liter. March 20 Purchased 2,585 liters at a cost of 81 per liter. March 30 Sold 5,145 liters for $1.35 per liter. (21) Your answer is partially correct. Try again. 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 1,285 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: 440 liters from March 1; 525 liters from March 3; 2,900 liters from March 10; 1,280 liters from March 20. (2) FIFO (3) LIFO Ending Inventory Specific identification 2528.95 X FIFO 3272.8 X LIFO 2285Step by Step Solution
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