You have the following information for Oriole Inc. Oriole Inc. uses the periodic method of accounting for its inventory transactions. 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$.125\mathrm{.}50.)$

$(1)$ 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 $10$; $1,100$ liters from March $20.$

$(2)$ FIFO

$(3)$ LIFO

Ending inventory

Specific identification $

FIFO

$

LIFO

$ 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$.125\mathrm{.}25.)$

$(1)$ 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 $10$; $1,100$ liters from March $20.$

$(2)$ FIFO

$(3)$ LIFO

ORIOLEINC.

Income Statement $($partial$)$

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