You are provided with the following information for Vaughn Inc. Vaughn Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,100 liters at a cost of 60 per liter. March 3 Purchased 2,500 liters at a cost of 62 per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 694 per liter. March 20 Purchased 2,400 liters at a cost of 774 per liter. March 30 Sold 5,100 liters for $1.25 per liter. Your answer is partially correct. 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; 1,200 liters from March 20. (2) FIFO (3) LIFO Ending inventory Specific identification 2476 FIFO 2676 X LIFO 2,281 BACK NEA Prepare partial income statements for 2020 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 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; 1,200 liters from March 20. (2) FIFO (3) LIFO VAUGHN INC. Income Statement (partial) For the Year Ended December 31, 2020 Specific Identification FIFO LIFO Sales revenue 87901 8790 8790 Beginning inventory 1260 1260 1260 Purchases 6158 6158 6158 Cost of goods available for sale 7418 7418 7418 Ending inventory 2476 2676 2281 Cost of goods sold 4942 4742 5137 Gross profit/ (Loss) 3848 4048 3653