Problem 6-6A You are provided with the following information for Novak Corp. Novak Corp. uses the periodic system of accounting for its inventory transactions. March 1 Beginning inventory 1,930 liters at a cost of 604 per liter. March 3 Purchased 2,450 liters at a cost of 65 per liter. March 5 Sold 2,395 liters for $1.05 per liter. March 10 Purchased 4,190 liters at a cost of 72 per liter. March 20 Purchased 2,510 liters at a cost of 80 per liter. March 30 Sold 5,265 liters for $1.35 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 1,395 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: 465 liters from March 1; 565 liters from March 3; 2,900 liters from March 10; 1,335 liters from March 20. (2) FIFO (3) LIFO Ending Inventory Specific identification $ FIFO $ LIFO $ (1) Specific identification method assuming: (1) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,395 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: 465 liters from March 1; 565 liters from March 3; 2,900 liters from March 10; 1,335 liters from March 20. (2) FIFO (3) LIFO Novak Corp. Income Statement (partial) Specific Identification FIFO LIFO $ Click if you would like to Show Work for this question: Open Show Work