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Looking for help with the partial income statement. I have part 1 correct, I need part 2. Just the income statement with the blanks. You
Looking for help with the partial income statement. I have part 1 correct, I need part 2.
Just the income statement with the blanks.
You have the following informatian for Sunland Inc. Sunland Inc. usss the periodic method of accounting far its irnentery transactions. March 1 Eezining inventary 2,000 litersat a cost of 70% per liter. March 3 Purchasad 2,500 liters at a coat of 745 par liter. March 5 Sold 2,300 litars for $105 perliter. March 10 Purchasad 4,000 iters at a coct of B1; per liter. March 20 Purchased 2,500 litars at a cost of 69$ par liter. March 20 Sold 5,200 litars for $1.25 perliter. (a1) Your anawar is carrect. Calculate the value of ending inventary that would be raported on the balance shest, under ach of the following cost fow assumptions. (Round answers to 2 decimial places. ex. 125.50.j (1) Specificidentification method assumina: (10) The March 5 sale consisted of 1,000 litars from tha March 1 bsyinning invantary and 1,000 liters from tha March 3 purchase; and (i0. The March 30 sale consisted of the following number of units sold from bexinning invantory and each purchase: 450 litars from March 1; 550 liters from March 3,2,900 litars from March 10; 1,300 liters from March 20. [2] FIFO (3) LIFO Your answer is partially correct. Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specificidentification 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: 450 liters from March 1; 550 liters from March 3;2,900 liters from March 10; 1,300 liters from March 20Step by Step Solution
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