March 1 Beginning inventory 2,100 liters at a cost of 88 per liter. March 3 Purchased 2,500 liters at a cost of 924 per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 99 per liter. March 20 Purchased 2,200 liters at a cost of 1074 per liter. March 30 Sold 5,200 liters for $1.25 per liter. X Your answer is incorrect. 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; 1,300 liters from March 20. (2) FIFO (3) LIFO Ending inventory Specific identification 3359 x FIFO 100 3558 LIFO 3088 (1) Specific identification method assuming: (1) 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 20. (2) FIFO (3) LIFO SHERIDAN INC. Income Statement (partial) For the Year Ended December 31, 2020 Specific Identification FIFO LIFO Sales revenue 8915 8915 8915 x X x Beginning inventory 1800 1800 1800 x X X Purchases 8828 8828 8828 X x x Cost of goods available for sale 10628 10628 10628 X X X Ending Inventory 3359 3558 3088 X X x Cost of goods sold 7269 7070 7540 X X Gross profit/ (Loss) 1646 1845 1375