Problem 6-6A (Part Level Submission)

You are provided with the following information for Cheyenne Corp. Cheyenne Corp. uses the periodic system of accounting for its inventory transactions.

March		1		Beginning inventory 2,090 liters at a cost of 61 per liter.
March		3		Purchased 2,465 liters at a cost of 66 per liter.
March		5		Sold 2,380 liters for $1.05 per liter.
March		10		Purchased 3,940 liters at a cost of 73 per liter.
March		20		Purchased 2,405 liters at a cost of 81 per liter.
March		30		Sold 5,130 liters for $1.25 per liter.

Problem 6-6A (Part Level Submission) You are provided with the following information for Cheyenne Corp. Cheyenne Corp. uses the periodic system of accounting for its inventory transactions. March 1 Beginning inventory 2,090 liters at a cost of 61 per liter. March 3 Purchased 2,465 liters at a cost of 664 per liter. March 5 Sold 2,380 liters for $1.05 per liter. March 10 Purchased 3,940 liters at a cost of 73 per liter. March 20 Purchased 2,405 liters at a cost of 81 per liter. March 30 Sold 5,130 liters for $1.25 per liter. (1) 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. 125.25.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,380 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: 420 liters from March 1; 575 liters from March 3; 2,900 liters from March 10; 1,235 liters from March 20. (2) FIFO (3) LIFO Ending Inventory Specific identification $ FIFO $ LIFO $