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You are provided with the following information for Barton Inc. Barton Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning
You are provided with the following information for Barton Inc. Barton Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 1,940 liters at a cost of 62c per liter. March 3 Purchased 2,460 liters at a cost of 68t per liter. March 5 Sold 2,275 liters for $1.12 per liter. March 10 Purchased 3,880 liters at a cost of 754 per liter. March 20 Purchased 2,540 liters at a cost of 84 per liter. March 30 Sold 5,205 liters for $1.33 per liter. (al) Your answer is partially correct. Try again. Calculate the value of ending inventory that would be reported on the balance sheet, under each of the ollowing 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 1,275 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: 495 liters from March 1; 600 liters from March 3; 2,985 liters from March 10; and 1,125 liters from March 20. (2) FIFO (3) LIFO
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