March 1 Beginning inventory 2,100 liters at a cost of 60 per liter. March 3 Purchased 2,500 liters at a cost of 62 per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 694 per liter. March 20 Purchased 2,400 liters at a cost of 774 per liter. March 30 Sold 5,100 liters for $1.25 per liter. 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. 125.50.) (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: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,200 liters from March 20. (2) FIFO (3) LIFO Ending inventory Specific identification 2476 FIFO 2676 LIFO 3090 (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: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,200 liters from March 20. (2) FIFO (3) LIFO VAUGHN INC. Income Statement (partial) For the Month Ended December 31, 2020 - Specific Identification FIFO LIFO Sales revenue 8915 8915 8915 X Beginning inventory 1848 1848 1848 x X Purchases 8614 8614 8614 X Cost of goods available for sale 10462 10462 10462 x X Ending inventory 3222 3443 3044 Cost of goods sold 7240 7019 7418 IX Gross profit/ (Loss) 1675 1896 1497