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If it's not too much trouble, could you provide the work? I'm trying to learn. Thank you! :) You are provided with the following information
If it's not too much trouble, could you provide the "work"? I'm trying to learn. Thank you! :)
You are provided with the following information for Whispering Winds Corp. Whispering Winds Corp. uses the periodic method of accounting for its inventory transactions. 1 3 March March March March March March 5 10 20 Beginning inventory 2,040 liters at a cost of 62 per liter. Purchased 2,480 liters at a cost of 67 per liter. Sold 2,290 liters for $1.00 per liter. Purchased 4,025 liters at a cost of 74 per liter. Purchased 2,480 liters at a cost of 82 per liter. Sold 5,260 liters for $1.25 per liter. 30 (a 1) Your Answer Correct Answer (Used) 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, eg. 125.25.) (1) Specific identification method assuming: (1) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,290 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: 485 liters from March 1; 540 liters from March 3; 2,900 liters from March 10; 1,335 liters from March 20. (2) FIFO (3) LIFO Ending Inventory 2,551.00 Specific identification $ FIFO $ 2,769.90 LIFO $ $ 2,226.25 Prepare partial income statements through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, eg. 125.25.) (1) Specific identification method assuming: (1) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,290 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: 485 liters from March 1; 540 liters from March 3; 2,900 liters from March 10; 1,335 liters from March 20. (2) FIFO (3) LIFO Whispering Winds Corp. Income Statement (partial) Specific Identification FIFO LIFO $ $ $ $ $ GA >Step by Step Solution
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