Problem 6 6A (Part Level Submission) You are provided with the following information for Monty Corp Monty Corp uses the periodic system 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 Prepare partial income statements 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 (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 Ending Inventory Specific identification 2564 45 $ X FIFO 2769 65 X LIFO 2208 90 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Monty Corp Income Statement (partial) For the Month Ended March 31, 2019 Specific Identification FIFO LIFO Sales revenue 9208 9208 9208 $ x Beginning inventory 1230 1230 1230 X Purchases 6573 35 6573 35 6573 35 X X Cost of goods available for sale v 7803 35 7803 35 7803 35 X Ending inventory 2645 10 2871 60 3209 Cost of goods sold 5128 25 4931 75 5494 35 X X Gross profit (Loss)

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Problem 6-6A (Part Level Submission) You are provided with the following information for Monty Corp. Monty Corp. uses the periodic system of accounting for its

Problem 6-6A (Part Level Submission)

You are provided with the following information for Monty Corp. Monty Corp. uses the periodic system 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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Prepare partial income statements 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:
	(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

image text in transcribed

Ending Inventory Specific identification 2564.45 $ X FIFO 2769.65 X LIFO 2208.90 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Monty Corp. Income Statement (partial) For the Month Ended March 31, 2019 Specific Identification FIFO LIFO Sales revenue 9208 9208 9208 $ x Beginning inventory 1230 1230 1230 X Purchases 6573.35 6573.35 6573.35 X X Cost of goods available for sale v 7803.35 7803.35 7803.35 X Ending inventory 2645.10 2871.60 3209 Cost of goods sold 5128.25 4931.75 5494.35 X X Gross profit/ (Loss)