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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.)

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) 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

ou have the following information for Concord Inc. Concord Inc. uses the periodic method of accounting for its inventory transactions.

March 1 Beginning inventory 2,200 liters at a cost of 80 per liter.
March 3 Purchased 2,500 liters at a cost of 84 per liter.
March 5 Sold 2,300 liters for $1.05 per liter.
March 10 Purchased 4,000 liters at a cost of 91 per liter.
March 20 Purchased 2,300 liters at a cost of 99 per liter.
March 30 Sold 5,000 liters for $1.25 per liter.

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