You have the following information for Crane Inc. Crane Inc. uses the periodic method of accounting for its inventory transactions; March 1 Beginning inventory 2,100 liters at a cost of 50 per liter. March 3 Purchased 2.500 liters at a cost of 54 per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 61 per liter. March 20 Purchased 2,300 liters at a cost of 69 per liter. March 30 Sold 5,100 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, eg. 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 $ FIFO $ LIFO $ (a2) 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) 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 Cost of goods available for sale $ Cost of goods sold Gross profit/ (Loss) Sales revenue Ending inventory Beginning inventory Purchases CRANEINC. Income Statement (partial) Specific Identification FIFO LIFO Attempts: 0 of 5 used Submit Answer