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I want the process of the calculating You are provided with the following information for Barton Inc. Barton Inc. uses the periodic method of accounting
I want the process of the calculating
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 1,900 liters at a cost of 58$ per liter. March 3 Purchased 2,485 liters at a cost of 62$ per liter. March 5 Sold 2,385 liters for $1.11 per liter. March 10 Purchased 3,830 liters at a cost of 67$ per liter. March 20 Purchased 2,585 liters at a cost of 71$ per liter. March 30 Sold 5,275 liters for $1.33 per liter. 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.) Specific identification method assuming: The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,385 liters from the March 3 purchase; and The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 495 liters from March 1; 530 liters from March 3; 2,990 liters from March 10; and 1,260 liters from March 20. FIFO LIFOStep by Step Solution
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