Question View Policies Show Attempt History You are viewing Attempt 1 You are provided with the following information for Concord Inc. Concord Inc, uses the periodic system of accounting for its inventory transactions. March 1 Beginning inventory 1,915 liters at a cost of 62 per liter. March 3 Purchased 2,415 liters at a cost of 67 per liter. March 5 Sold 2,275 liters for $1.00 per liter. March 10 Purchased 3,995 liters at a cost of 74 per liter. March 20 Purchased 2,420 liters at a cost of 82 per liter. March 30 Sold 5,215 liters for $1.25 per liter. LG 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: 6) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,275 liters from the March 3 purchase; and (11) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 420 liters from March 1;570 liters from March 3, 2,900 liters from March 10; 1,325 liters from March 20. (2) FIFO (3) LIFO Ending Inventory Specific identification $ 239700 260230 FIFO LIFO LG