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 1,945 liters at a cost of 62 per liter.
March		3		Purchased 2,415 liters at a cost of 70 per liter.
March		5		Sold 2,290 liters for $1.03 per liter.
March		10		Purchased 4,050 liters at a cost of 78 per liter.
March		20		Purchased 2,435 liters at a cost of 83 per liter.
March		30		Sold 5,290 liters for $1.33 per liter.

Calculate the value of ending inventory that would be reported on the balance sheet, 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 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,290 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: 490 liters from March 1; 535 liters from March 3; 2,860 liters from March 10; and 1,405 liters from March 20.
(2)	FIFO
(3)	LIFO

1. Specific indentification:___

2. FIFO:___

3. LIFO:___

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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 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,290 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: 490 liters from March 1; 535 liters from March 3; 2,860 liters from March 10; and 1,405 liters from March 20.
(2)	FIFO
(3)	LIFO