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You are provided with the following information for Swifty Inc. Swifty Inc. uses the periodic method of accounting for its inventory transactions March 1 Beginning
You are provided with the following information for Swifty Inc. Swifty Inc. uses the periodic method of accounting for its inventory transactions March 1 Beginning inventory 2,065 liters at a cost of 60t per liter. March 3 Purchased 2,500 liters at a cost of 65t per liter. March 5 Sold 2,335 liters for $1.05 per liter. March 10 Purchased 4,035 liters at a cost of 72d per liter. March 20 Purchased 2,520 liters at a cost of 80t per liter March 30 Sold 5,135 liters for $1.30 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. 125.25.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,335 liters from the March 3 purchase; and (i) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 405 liters from March 1,550 liters from March 3; 2,900 iters from March 10; 1,280 liters from March 20. (2) FIFO (3) LIFO
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