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You are provided with the following information for Sheridan Inc. Sheridan Inc. uses the periodic system of accounting for its inventory transactions. March 1 Beginning
You are provided with the following information for Sheridan Inc. Sheridan Inc. uses the periodic system of accounting for its inventory transactions.
March | 1 | Beginning inventory 1,965 liters at a cost of 61 per liter. | ||
March | 3 | Purchased 2,490 liters at a cost of 66 per liter. | ||
March | 5 | Sold 2,260 liters for $1.05 per liter. | ||
March | 10 | Purchased 3,865 liters at a cost of 73 per liter. | ||
March | 20 | Purchased 2,585 liters at a cost of 81 per liter. | ||
March | 30 | Sold 5,245 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. (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 beginning inventory and 1,260 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: 405 liters from March 1; 510 liters from March 3; 2,900 liters from March 10; 1,430 liters from March 20. | ||
(2) | FIFO | ||
(3) | LIFO |
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