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

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 2,090 liters at a cost of 584 per liter. March 3 Purchased 2,600 liters at a cost of 62 per liter March 5 Sold 2,220 liters for $1.12 per liter March 10 Purchased 3,9D liters at a cost of 704 per liter March 20 Purchased 2,405 liters at a cost of 75 per liter. March 30 Sold 5,130 liters for $1.28 per liter. (al) (a2) Prepare partial income statements through gross profit, under each of the following cost flow methods. (Round answers to 0 decimal places, e.g. 1250.) (1) Specific identification method assuming: (i) The March S sale consisted of 1,000 liters from the March 1 beginning inventory and 1,220 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; 520 liters from March 3; 2,965 liters from March 10; and 1,195 liters from March 20. (2) FIFO (3) LIFO BARTON Inc. Income Statement (partial) For the Year Ended December 31, 2015 Sales revenue Beginning inventory Purchases Cost of goods available for sale Ending inventory Cost of goods sold Gross profit LINK TO TEXT
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
