Problem 6-6A You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its inventory transactions.

March	1	Beginning inventory 2,000 liters at a cost of 58 per liter.
March	3	Purchased 2,400 liters at a cost of 62 per liter.
March	5	Sold 2,300 liters for $1.05 per liter.
March	10	Purchased 4,150 liters at a cost of 67 per liter.
March	20	Purchased 2,550 liters at a cost of 76 per liter.
March	30	Sold 5,100 liters for $1.35 per liter.

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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. 125.50.)

(1)	Specific identification method assuming:
(i)	The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 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: 400 liters from March 1; 550 liters from March 3; 2,800 liters from March 10; 1,350 liters from March 20.
(2)	FIFO
(3)	LIFO

Ending inventory
Specific identification	$
FIFO	$
LIFO	$

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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 1,300 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: 400 liters from March 1; 550 liters from March 3; 2,800 liters from March 10; 1,350 liters from March 20.
(2)	FIFO
(3)	LIFO

GOBLER INC. Income Statement (partial) For the Month Ended December 31, 2017December 31, 2017For the Year Ended December 31, 2017
Specific Identification	FIFO	LIFO
PurchasesGross profit / (Loss)Cost of goods available for saleEnding inventoryCost of goods soldSales revenueBeginning inventory	$	$	$
PurchasesCost of goods available for saleGross profit / (Loss)Beginning inventoryCost of goods soldEnding inventorySales revenue
Beginning inventoryCost of goods soldSales revenuePurchasesEnding inventoryCost of goods available for saleGross profit / (Loss)
Sales revenueBeginning inventoryGross profit / (Loss)PurchasesCost of goods available for saleEnding inventoryCost of goods sold
Cost of goods soldGross profit / (Loss)PurchasesCost of goods available for saleBeginning inventoryEnding inventorySales revenue
Cost of goods available for salePurchasesEnding inventoryGross profit / (Loss)Cost of goods soldSales revenueBeginning inventory
Cost of goods soldCost of goods available for saleGross profit / (Loss)Sales revenueBeginning inventoryPurchasesEnding inventory	$	$	$

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