Prepare partial income statements through gross profit, under each of the following cost flow assumptions.

(1) Specific identification method assuming:

(i) The March 5 sales 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: 400 liters from March 1; 550 liters from March 3; 2,800 liters from March 10; 1,350 liters from March 20.

(2) FIFO

(3) LIFO

You are provided with the following information. Gobler Inc. uses the periodic method of accounting for its inventory transactions.

March 1 Beginning inventory 2,000 liters at a cost of 58 cents per liter.

March 3 Purchased 2,400 liters at a cost of 62 cents per liter.

March 5 Sold 2,300 liters for $1.05 per liter.

March 10 Purchased 4,150 liters at a cost of 67 cents per liter.

March 20 Purchased 2,550 liters at a cost of 76 cents per liter.

March 30 Sold 5,100 liters for $1.35 per liter.

You are provided with the following information. Gobler Inc. uses the periodic method of accounting for its inventory transactions.

March 1 Beginning inventory 2,000 liters at a cost of 58 cents per liter.

March 3 Purchased 2,400 liters at a cost of 62 cents per liter.

March 5 Sold 2,300 liters for $1.05 per liter.

March 10 Purchased 4,150 liters at a cost of 67 cents per liter.

March 20 Purchased 2,550 liters at a cost of 76 cents per liter.

March 30 Sold 5,100 liters for $1.35 per liter.