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 674 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. (a1) Your answer is correct. Calculate the value of ending inventory that would be reported on the 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 begii (ii) The March 30 sale consisted of the following number of units sole (2) FIFO (3) LIFO Ending Inventory Specific identification & 2397 FIFO 2602.30 0 LIFO 2085.10 A Prepare partial income statements through gross profit, 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 begii (ii) The March 30 sale consisted of the following number of units sole (2) FIFO (3) LIFO Concord Inc. Income Statement (partial) For the Month Ended March 31, 2019 Specific Identification FIFO 8793.75 8793.75 1915.62 1915.62 Ad Concord Inc. Income Statement (partial) For the Month Ended March 31, 2019 Specific Identification FIFO 8793.75 8793.75 8793.75 S 1915.62 1915.62 8034,61 8034.61 9950.23 9950.23 2397.00 2602.30 7553.23 7347.93 1445.82 1240.52 $ Concord Inc. Income Statement (partial) Add For the Month Ended March 31, 2019 FIFO LIFO fication 8793.75 $ 8793.75 $ 8793.75 Sa 1915.62 1915.62 1915.62 8034.61 8034.61 8034.61 9950.23 9950.23 9950.23 97.00 2602.30 2085.10 7553.23 7347.93 7865.13 1240.52 1445.82 928.62 e Textbook and Media