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Problem 6-06A a1-a2 (Part Level Submission) You are provided with the following information for Sheffield Inc....

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.

(a1)

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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:

LIFO:

Please answer for all three above specific inventory, FIFO and LIFO please

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