View Policies Current Attempt in Progress You have the following information for Sheridan Inc. Sheridan Inc, uses the periodic method of accounting for its inventory transactions. March 1 March 3 March 5 Beginning inventory 2,100 liters at a cost of 880 per liter. Purchased 2,500 liters at a cost of 92 per liter. Sold 2,300 liters for $1.05 per liter. Purchased 4,000 liters at a cost of 99 per liter, Purchased 2,200 liters at a cost of 107 per liter. March 10 March 20 March 30 Sold 5,200 liters for $1.25 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. 125.50.) 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, eg: 125.50.) (1) Specific identification method assuming 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 H0 The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 liters from March 3: 2.900 liters from March 10, 1.300 liters from March 20. (2) FIFO (3) LIFO Ending inventory $ Specific identification FIFO LIFO (a2) Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, eg. 125.25.) (1) Specific identification method assuming 6) The March 5 sale consisted of 1.000 liters from the March 1 beginning inventory and 1.300 liters from the March 3 purchase; and (H) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1;550 liters from March 3: 2.900 liters from March 10;1,300 liters from March 20. (2) FIFO (3) LIFO SHERIDANINC. Income Statement (partial) Specific identification FIFO UFO Income Statement (partial) Specific identification FIFO LIFO Cost of goods table for sale Sales revenue Ending inventory Purdu Deining inventory Groprio Cost of goods sold