Problem 6-6A (Part Level Submission) You are provided with the following information for Barton Inc....
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Problem 6-6A (Part Level Submission) You are provided with the following information for Barton Inc. Barton Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,005 liters at a cost of 58 per liter March 3 Purchased 2,495 liters at a cost of 61 per liter March 5 Sold 2,225 liters for$1.06 per liter March 10 Purchased 4,020 liters at a cost of 67 per liter. March 20 Purchased 2,500 liters at a cost of 71 per liter March 30 Sold 5,280 liters for $1.32 per liter. (a1) Your answer is incorrect. Try again. Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow methods. (Round answers to o decimal places, e.g. 1250.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,225 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: 495 liters from March 1; 510 liters from March 3; 2,930 liters from March 10; and 1,345 liters from March 20. (2) FIFO (3) LIFO Ending inventory Specific identification FIFO IFO
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