(a2) please. The table You have the following information for Sheffield Inc. Sheffield Inc....
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(a2) please. The table
You have the following information for Sheffield Inc. Sheffield Inc. uses the periodic method of accounting for its inventory transactions. \begin{tabular}{lrl} March & 1 & Beginning inventory 2,000 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 69 per liter. \\ March & 20 & Purchased 2,300 liters at a cost of 77 per liter. \\ March & 30 & Sold 5,200 liters for $1.25 per liter. \end{tabular} (a1) Your answer is correct. 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 (2) FIFO Activate Windows (3) LIFO
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