Question
Problem 6-6A (Part Level Submission) You are provided with the following information for Barton Inc. Barton Inc. uses the periodic method of accounting for its
Problem 6-6A (Part Level Submission) You are provided with the following information for Barton Inc. Barton Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,025 liters at a cost of 59 per liter. March 3 Purchased 2,405 liters at a cost of 64 per liter. March 5 Sold 2,295 liters for $1.00 per liter. March 10 Purchased 4,165 liters at a cost of 71 per liter. March 20 Purchased 2,585 liters at a cost of 79 per liter. March 30 Sold 5,275 liters for $1.30 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. 125.25.)
(1) | Specific identification method assuming: | ||
(i) | The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,295 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: 480 liters from March 1; 595 liters from March 3; 2,900 liters from March 10; 1,300 liters from March 20. | ||
(2) | FIFO | ||
(3) | LIFO |
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