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Problem 6-6A (Part Level Submission) You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its
Problem 6-6A (Part Level Submission) You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 1,900 liters at a cost of 60c per liter. March 3 Purchased 2,600 liters at a cost of 684 per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 3,900 liters at a cost of 764 per liter. March 20 Purchased 2,400 liters at a cost of B0 per liter. March 30 Sold 5,200 liters for $1.30 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 (i) 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 (i) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 500 liters from March 1; 600 liters from March 3; 3,000 liters from March 10; 1,100 liters from March 20 (2) FIFO (3) LIFO Ending inventory Specific identification FIFO LIFO
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