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

March1Beginning inventory 2,100 liters at a cost of 88 per liter.March3Purchased 2,500 liters at a cost of 92 per liter.March5Sold 2,300 liters for $1.05 per liter.March10Purchased 4,000 liters at a cost of 99 per liter.March20Purchased 2,200 liters at a cost of 107 per liter.March30Sold 5,200 liters for $1.25 per liter.

(a1)

Your answer is incorrect.Try again.

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.)

(1)Specific identification method assuming:(i)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(ii)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

Problem 6-06A a1-a2 (Part Level Submission) You are provided with the following information for Sheridan Inc. Sheridan Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2, 100 liters at a cost of 88+ per liter. March 3 Purchased 2,500 liters at a cost of 924 per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 994 per liter. March 20 Purchased 2,200 liters at a cost of 107+ per liter. March 30 Sold 5,200 liters for $1.25 per liter. (a1) * Your answer is incorrect. Try again. 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.) (1) Specific identification method assuming: (i) 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 (ii) 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 $ 1. FIFO $ 1 LIFO