Problem 6-06A a1-a2

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

March 1 beginning investment 2,100 liters at cost of 50 per liter.

March 3 Purchased 2,500 liters at cost of 54 per liter.

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

March 10 Purchased 4,000 liters at cost of 61 per liter.

March 20 Purchased 2,300 liters at a cost of 69 per liter.

March 30 Sold 5,100 liters 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:

(i)The March 5 sale consisted of 1,000 liters from the March 1 beginning and 1,300 liters from March 3 purchase; and

(ii) The march 30 sales 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 $ _____________.

2- FIFO $____________.

3- LIFO $____________.

Prepare partial income statements for 2020 through gross profit, under each of the following cost 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 March 1 beginning and 1,300 liters from March 3 purchase; and

(ii)The March 30 sale consisted of he 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