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

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

March 1Beginning inventory 2,100 liters at a cost of 50 per liter.

March3 Purchased 2,500 liters at a cost of 54 per liter

.March5 Sold 2,300 liters for $1.05 per liter.

March10 Purchased 4,000 liters at a cost of 61 per liter.

March20 Purchased 2,300 liters at a cost of 69 per liter

.March30 Sold 5,100 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; 1,200 liters from March 20.

1(specific)=

(2)FIFO

(3)LIFO