Question
You are provided with the following information for Barton Inc. Barton Inc. uses the periodic method of accounting for its inventory transactions. March1Beginning inventory 1,950
You are provided with the following information for Barton Inc. Barton Inc. uses the periodic method of accounting for its inventory transactions.
March1Beginning inventory 1,950 liters at a cost of 58 per liter.March3Purchased 2,485 liters at a cost of 62 per liter.March5Sold 2,345 liters for $1.01 per liter.March10Purchased 4,190 liters at a cost of 69 per liter.March20Purchased 2,505 liters at a cost of 76 per liter.March30Sold 5,265 liters for $1.32 per liter.
(a1)
Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow methods.(Round answers to 0 decimal places, e.g. 1250.)
(1)Specific identification method assuming:(i)The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,345 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; 535 liters from March 3; 2,985 liters from March 10; and 1,265 liters from March 20.(2)FIFO(3)LIFO
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