Double check answers Problem 6-6A (Part Level Submission) You are provided with

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Double check answers

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 1,940 liters at a cost of 61¢ per liter. March 3 Purchased 2,515 liters at a cost of 66¢ per liter. March 5 Sold 2,230 liters for $1.10 per liter. March 10 Purchased 3,935 liters at a cost of 74¢ per liter. March 20 Purchased 2,460 liters at a cost of 82¢ per liter. March 30 Sold 5,110 liters for $1.36 per liter. v (a1) 2 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 methods. (Round answers to o decimal places, e.g. 1250.) (1) Specific identification method assuming: (1) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,230 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: 490 liters from March 1; 510 liters from March 3; 2,845 liters from March 10; and 1,265 liters from March 20. (2) FIFO (3) LIFO Ending inventory Specific identification 2573 FIFO 2794 LIFO 4237

Explanation / Answer

LIFO Mar-31 Ending inventory 1940 0.61 1183.4 2515 0.66 1659.9 655 0.74 484.7 Total 5110 3328

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