Problem 6-6A (Part Level Submission)

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

March		1		Beginning inventory 2,025 liters at a cost of 59 per liter.
March		3		Purchased 2,405 liters at a cost of 64 per liter.
March		5		Sold 2,295 liters for $1.00 per liter.
March		10		Purchased 4,165 liters at a cost of 71 per liter.
March		20		Purchased 2,585 liters at a cost of 79 per liter.
March		30		Sold 5,275 liters for $1.30 per liter.

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 1,295 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: 480 liters from March 1; 595 liters from March 3; 2,900 liters from March 10; 1,300 liters from March 20.

(2) FIFO

(3) LIFO

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 1,295 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: 480 liters from March 1; 595 liters from March 3; 2,900 liters from March 10; 1,300 liters from March 20.
(2)	FIFO
(3)	LIFO

Ending Inventory Specific identification 2564.45 $ X FIFO 2769.65 X LIFO 2208.90 SHOW SOLUTION SHOW ANSWER LINK TO TEXT Monty Corp. Income Statement (partial) For the Month Ended March 31, 2019 Specific Identification FIFO LIFO Sales revenue 9208 9208 9208 $ x Beginning inventory 1230 1230 1230 X Purchases 6573.35 6573.35 6573.35 X X Cost of goods available for sale v 7803.35 7803.35 7803.35 X Ending inventory 2645.10 2871.60 3209 Cost of goods sold 5128.25 4931.75 5494.35 X X Gross profit/ (Loss)