Current Attempt in Progress You are provided with the following information for Kingbird, Inc. Kingbird, Inc....

 

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Current Attempt in Progress You are provided with the following information for Kingbird, Inc. Kingbird, Inc. uses the periodic system of accounting for its inventory transactions. March 1 Beginning inventory 2,080 liters at a cost of 61¢ per liter. March 3 Purchased 2,420 liters at a cost of 66¢ per liter. March 5 Sold 2,285 liters for $1.10 per liter. March 10 March 20 March 30 Sold 5,145 liters for $1.35 per liter. (a1) 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 1,285 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: 440 liters from March 1; 525 liters from March 3: 2,900 liters from March 10; 1,280 liters from March 20. (2) FIFO (3) LIFO Purchased 3,830 liters at a cost of 73¢ per liter. Purchased 2,585 liters at a cost of 81¢ per liter. Specific identification $ FIFO LIFO $ $ Ending Inventory Current Attempt in Progress You are provided with the following information for Kingbird, Inc. Kingbird, Inc. uses the periodic system of accounting for its inventory transactions. March 1 Beginning inventory 2,080 liters at a cost of 61¢ per liter. March 3 Purchased 2,420 liters at a cost of 66¢ per liter. March 5 Sold 2,285 liters for $1.10 per liter. March 10 March 20 March 30 Sold 5,145 liters for $1.35 per liter. (a1) 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 1,285 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: 440 liters from March 1; 525 liters from March 3: 2,900 liters from March 10; 1,280 liters from March 20. (2) FIFO (3) LIFO Purchased 3,830 liters at a cost of 73¢ per liter. Purchased 2,585 liters at a cost of 81¢ per liter. Specific identification $ FIFO LIFO $ $ Ending Inventory

Answer rating: 100% (QA)

a Date Accounts title Debit Credit Apr 2 Cash 1400 Accounts receivable 1400 ... View the full answer