Please answer everything in outlined in red.

Problem 6-06A ai-a2 You are provided with the following information for Oriole Inc. Oriole Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,200 liters at a cost of 60c per liter. March 3 Purchased 2,500 liters at a cost of 70 per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 77 per liter. March 20 Purchased 2,400 liters at a cost of 85 per liter. March 30 Sold 5,000 liters for $1.25 per liter. Your answer is correct. . 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 (i) 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; 1,100 liters from March 20. (2) FIFO (3) LIFO Ending inventory Specific identification 2857 FIFO 3118 LIFO 2440 $ LINK TO TEXT Your answer is partially correct. Try again. Prepare partial income statements for 2020 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (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; 1,100 liters from March 20. (2) FIFO (3) LIFO ORIOLE INC. Income Statement (partial) x Specific Identification FIFO LIFO Sales revenue 8665 8665 8665 X x Beginning inventory V 1200 1200 1200 Purchases 6178 6178 6178 Cost of goods available for sale 7378 7378 7378 Ending inventory 746 2590 2096 V Cost of goods sold 6632 4789 5282 Gross profit/ (Loss) 2033 3877 3383