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Problem 6-06A 1-2 You are provided with the following information for Sheridan Inc. Sheridan Inc. uses the periodic method of accounting for its inventory transactions.

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Problem 6-06A 1-2 You are provided with the following information for Sheridan Inc. Sheridan Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2.100 trs at a cost of 884 per liter March Purchased 2,500 trs at a cost of 92 per liter, Hard 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 of a cost of 1074 per liter March 30 Soid 5.200 vers for $1.25 per liter 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, .y. 125.50.) (1) Specific identification method assuming The March 5 sale consisted of 1,000 tters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and 1,300 sters from March 20 00 The March 30 se consisted of the following number of units sold from beginning inventory and each purchase: 450 sters from March 1, 550 liters from March 3, 2.900 liters from March 10; (2) FIFO (3) LIPO Ending inventory Specific identification FIFO LIFO LINK 1 TEXT Prepare parti come statements for 2020 rough gros proft, under each of the flowing our flow asumption (Round answers to 2 decimal places, 9. 125.25.) (1) Specific derification method assuming The March 5 second of 1,000 liters from the March 1 beginning inventory and 1,700 Merstrom the March purchase and 1,300 liters from March 20. The Marchio se consisted of the following number of units sold from beginning inventory and each purchase: 450 wers from March 1: 550 hers from March 3: 2.900 mers from March 101 MacBook Pro March 10 Purchased 4,000 liters at a cost of 990 per liter March 20 Purchased 2.200 liters at a cost of 107 per liter March 30 Sold 5,200 ters for $1.25 per liter 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: 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 1,300 liters from March 20. 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 Itens from March 10, (2) FIFO (3) LIFO Ending inventary Specific Identification FEFO uro TER 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 ( 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 1,300 Iters from March 20, C) The March 20 sa 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 ters from March 10: (2) FIFO (3) SHERIDAN INC. Income Statement (partial) Prepare partial income statements for 2020 through grous profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, eg. 125,25.) (1) Specific identification method assuming (The Marche consisted of 1,000 liters from the March 1 beginning inventory and 1.300 liters from the March 3 purchase and 1,300 liters from March 20 (1) 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; (2) FIFO (3) LIPO SHERIDAN INC. Income Statement (partial) : Specific Identification FIFO LIFO : + 1 . Click you would like to show Work for this question Doen Show Work LETTER

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