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Problem 6-6A (Part Level Submission) You are provided with the following information for Blue Spruce Corp. Blue Spruce Corp. uses the periodic system of accounting
Problem 6-6A (Part Level Submission) You are provided with the following information for Blue Spruce Corp. Blue Spruce Corp. uses the periodic system of accounting for its inventory transactions. March 1 Beginning inventory 2,060 liters at a cost of 60 per liter. March 3 Purchased 2,405 liters at a cost of 650 per liter. March 5 Sold 2,325 liters for $1.10 per liter. March 10 Purchased 4,175 liters at a cost of 720 per liter March 20 Purchased 2,535 liters at a cost of 800 per liter. March 30 Sold 5,290 liters for $1.25 per liter. (a1) 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. 125.25.) (1) Specific identification method assuming: ) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,325 liters from the March 3 purchase; and (i) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 465 liters from March 1; 530 liters from March 3; 2,900 liters from March 10; 1,395 liters from March 20. (2) FIFO (3) LIFO Ending Inventory Specific identification FIFO $ LIFO
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