Problem 6-6A (Part Level Submission) You are provided with the following information for Metlock, Inc. Metlock, Inc. uses the periodic system of accounting for its inventory transactions. March 1 Beginning inventory 2,000 liters at a cost of 58 per liter. March 3 Purchased 2,480 liters at a cost of 63 per liter. March 5 Sold 2,370 liters for $1.00 per liter. March 10 Purchased 4,170 liters at a cost of 70 per liter. March 20 Purchased 2,415 liters at a cost of 78 per liter. March 30 Sold 5,235 liters for $1.35 per liter. (al) Your answer is correct. 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 1,370 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: 470 liters from March 1; 595 liters from March 3; 2,900 liters from March 10; 1,270 liters from March 20. (2) FIFO (3) LIFO Ending Inventory Specific identification 2413.95 FIFO 2615.20 LIFO 2079.80 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 2 of 5 used (a2) Prepare partial income statements through gross profit, 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 1,370 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: 470 liters from March 1; 595 liters from March 3; 2,900 liters from March 10; 1,270 liters from March 20. (2) FIFO (3) LIFO (3) LIFO Metlock, Inc. Income Statement (partial) Specific Identification FIFO LIFO $