You have the following information for Bonita Inc. Bonita Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,100 liters at a cost of 70 per liter. March 3 Purchased 2,500 liters at a cost of 74 per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 81 per liter. March 20 Purchased 2,400 liters at a cost of 89 per liter. March 30 Sold 5,100 liters for $1.25 per lite

(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

BONITAINC. Income Statement (partial) Specific Identification FIFO LIFO $ $ $ e Textbook and Media Attempts: 0 of 5 used Submit Answer Save for Later