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You have the following informatian for Sunland Ine. Sunland Inc. uses the periodic method of accounting for its irventery transactions. March 1 Eesinning inventory 2,000
You have the following informatian for Sunland Ine. Sunland Inc. uses the periodic method of accounting for its irventery transactions. March 1 Eesinning inventory 2,000 liters at a cost of 70= per liter. March 3 Purchasad 2,500 liters at a coat of 745 par liter. March. 5 Sold 2,300 litars for $105per liter. March 10 Purchasad 4,000 liters at a coct of B1 par liter. March 20 Purchased 2,500 litars at a cost of 69$ par liter. March 30 Sold 5,200 litars for $1.25 per liter. (a1) Your anawar is correct. Galeulate the value of ending inventory that would be reported on the balance shest, under ach of the fallowing cost fow assumptions. (Round answers to 2 decimial places, ech. 125.50.j (1) Specificidentification method assuming: (1) The March 5 sale consisted af 1,000 litars from the March 1 bsjinning invantary and 1,300 liters fram the March 3 purchasa; and (10) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 litars from March 1; 550 liters from March 3,2,900 litars from March 10; 1,300 liters from March 20. [2] FIFO (3) LIFO Your answer is partially correct. Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specificidentification 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
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