Problem 6-6A You are provided with the following information for Barton Inc. Barton Inc. uses...
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Accounting
Problem 6-6A 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 2,100 liters at a cost of 62c per liter. March 3 Purchased 2,490 liters at a cost of 67 per liter. March 5 Sold 2,350 liters for $1.10 per liter. March 10 Purchased 4,170 liters at a cost of 74 per liter. March 20 Purchased 2,580 liters at a cost of 82 per liter. March 30 Sold 5,190 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, 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 1,350 liters from the March 3 purchase; and () The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 425 liters from March 1; 600 liters from March 3; 2,900 liters from March 10; 1,265 liters from March 20. (2) FIFO (3) LIFO Ending inventory Specific identification g FIFO LIFO
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