Problem 6-06A a1-a2 You are provided with the following information for Bonita Inc. Bonita Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,100 liters at a cost of 70 per liter. March 3 Purchased 2,500 liters at a cost of 74 per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 81 per liter. March 20 Purchased 2,400 liters at a cost of 894 per liter. March 30 Sold 5,100 liters for $1.25 per liter. Your answer is partially correct. 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: 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 m) 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; 1,200 liters from March 20. (2) FIFO (3) LIFO Ending inventory Specific identification 2895 FIFO x LIFO 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: 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 m) 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; 1,200 liters from March 20. (2) FIFO (3) LIFO BONITA INC. Income Statement (partial) For the Year Ended December 31, 2020 Specific Identification FIFO LIFO Sales revenue 8790 8790 8790 Beginning inventory 1470 1470 1470 M Purchases 7226 7226 7226 Cost of goods available for sale 8696 8696 8696 x Ending inventory 2895 X Cost of goods sold 5801 Gross profit / (Loss) 2989 Click if you would like to Show Work for this question: Open Show Work