You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its inventory transactions.

March 1 Beginning inventory 1,950 liters at a cost of 58 per liter.

March 3 Purchased 2,450 liters at a cost of 65 per liter.

March 5Sold 2,200 liters for $1.10 perliter.

March10 Purchased 4,150 liters at a cost of 74 per liter.

March20 Purchased 2,500 liters at a cost of 83 per liter

.March 30 Sold5,200 liters for $1.25 per liter

Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions

(1)Specific identification method assuming

(i)The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,200 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: 400 liters from March 1; 550 liters from March 3; 2,800 liters from March 10; 1,450 liters from March 20

Prepare partial income statements through gross profit, under each of the following cost flow assumptions.

(1)Specific identification method assuming:(i)The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,200 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: 400 liters from March 1; 550 liters from March 3; 2,800 liters from March 10; 1,450 liters from March 20.(2)FIFO