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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	Your answer is partially correct. Try again.

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 IdentificationFIFOLIFO

Cost of goods available for saleSales revenuePurchasesBeginning inventoryEnding inventoryCost of goods soldGross profit / (Loss)

$

$

$

Cost of goods soldGross profit / (Loss)Sales revenueBeginning inventoryCost of goods available for salePurchasesEnding inventory

Gross profit / (Loss)Cost of goods soldCost of goods available for saleSales revenueBeginning inventoryEnding inventoryPurchases

Beginning inventoryEnding inventoryCost of goods soldGross profit / (Loss)Sales revenuePurchasesCost of goods available for sale

Cost of goods available for salePurchasesEnding inventoryGross profit / (Loss)Beginning inventoryCost of goods soldSales revenue

Gross profit / (Loss)PurchasesSales revenueEnding inventoryBeginning inventoryCost of goods available for saleCost of goods sold

Beginning inventoryPurchasesGross profit / (Loss)Cost of goods soldCost of goods available for saleSales revenueEnding inventory

$

$

$