Problem 6-6A (Part Level Submission) You are provided with the following informa
ID: 2555140 • Letter: P
Question
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 1,935 liters at a cost of 61ç per liter March 3 Purchased 2,445 liters at a cost of 68¢ per liter March 5 Sold 2,245 liters for $1.03 per liter. March 10 Purchased 4,175 liters at a cost of 73 per liter March 20 Purchased 2,590 liters at a cost of 78c per liter. March 30 Sold 5,270 liters for $1.31 per liter. (al) 3Your 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 1,245 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: 480 liters from March 1; 590 liters from March 3; 2,870 liters from March 10; and 1,330 liters from March 20 (2) FIFO (3) LIFO Ending inventory Specific identification 262780 FIFO 277940 LIFO 233295Explanation / Answer
a)Specific Identification Method
No
Qty Purchased
Unit Cost
Total Cost
Qty Sold
Unit cost
Total cost
Inv.Qty
Unit Cost
Total cost
Mar 1
1935
61
118035
Mar 3
2445
68
166260
1935
61
118035
2445
68
166260
Mar 5
1000
61
61000
935
61
57035
1245
68
84660
1200
68
78000
Mar 10
4175
73
304775
935
61
57035
1200
68
78000
4175
73
304775
Mar 20
2590
78
202020
935
61
57035
1200
68
78000
4175
73
304775
2590
78
202020
Mar 30
480
61
29280
455
61
27755
590
68
40120
610
67
34680
2870
73
209510
1305
73
95265
1330
78
103740
1260
78
98280
TOTAL
528310
255980
Value of Ending Inventory = $ 2,55,980
(b)FIFO Method
No
Qty Purchased
Unit Cost
Total Cost
Qty Sold
Unit cost
Total cost
Inv.Qty
Unit Cost
Total cost
Mar 1
1935
61
118035
Mar 3
2445
68
166260
1935
61
118035
2445
68
166260
Mar 5
1935
61
118035
310
68
21080
2135
68
145180
Mar 10
4175
73
304775
2135
68
145180
4175
73
304775
Mar 20
2590
78
202020
2135
68
145180
4175
73
304775
2590
78
202020
Mar 30
2135
68
145180
1040
73
75920
3135
73
228855
2590
78
202020
TOTAL
513150
277940
Value of Ending Inventory = $ 2,77,940
(c)LIFO Method
No
Qty Purchased
Unit Cost
Total Cost
Qty Sold
Unit cost
Total cost
Inv.Qty
Unit Cost
Total cost
Mar 1
1935
61
118035
Mar 3
2445
68
166260
1935
61
118035
2445
68
166260
Mar 5
2245
68
152660
1935
61
118035
200
68
13600
Mar 10
4175
73
304775
1935
61
118035
200
68
13600
4175
73
304775
Mar 20
2590
78
202020
1935
61
118035
200
68
13600
4175
73
304775
2590
78
202020
Mar 30
2590
78
202020
1935
61
118035
2680
73
195640
200
68
13600
1495
73
109135
TOTAL
550320
240770
Value of Ending Inventory = $ 2,40,770
No
Qty Purchased
Unit Cost
Total Cost
Qty Sold
Unit cost
Total cost
Inv.Qty
Unit Cost
Total cost
Mar 1
1935
61
118035
Mar 3
2445
68
166260
1935
61
118035
2445
68
166260
Mar 5
1000
61
61000
935
61
57035
1245
68
84660
1200
68
78000
Mar 10
4175
73
304775
935
61
57035
1200
68
78000
4175
73
304775
Mar 20
2590
78
202020
935
61
57035
1200
68
78000
4175
73
304775
2590
78
202020
Mar 30
480
61
29280
455
61
27755
590
68
40120
610
67
34680
2870
73
209510
1305
73
95265
1330
78
103740
1260
78
98280
TOTAL
528310
255980
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