Question

Problem 6-06A a1-a2 (Part Level Submission)

You are provided with the following information for Sheffield Inc. Sheffield Inc. uses the periodic method of accounting for its inventory transactions.

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.

Your answer is partially correct. Try again.

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
	(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; 1,300 liters from March 20.
(2)	FIFO
(3)	LIFO

Ending inventory Specific identification -

FIFO - 2461 (last expert answered this correctly but got the specific identification and LIFO wrong)

LIFO -

Answer 1