Unit 9 Lab Assignment - AC114 X WP NWP Assessment Player UI Apj X *Dashboard X + C education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=9b3e68f3-cOf0-4b65-93d9-f608c97e062#/question/9 i : AC114 Unit 9 Lab Assignment Question 10 of 10 0 / 10 = : You have the following information for Sheffield Inc. Sheffield Inc. uses the periodic method of accounting for its inventory transactions. March Beginning inventory 2,000 li s at a cost of 60c per liter. March 3 Purchased 2,500 liters at a cost of 624 per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 694 per liter. March 20 Purchased 2,300 liters at a cost of 774 per liter. March 30 Sold 5,200 liters for $1.25 per liter. (a1) Your answer is incorrect. 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: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,300 liters from March 20. 2) FIFO 3 ) LIFO Ending inventory Specific identification $ FIFO LIFO e Textbook and Media Save for Later Attempts: 3 of 5 used Submit Answer (a2) Your answer is incorrect. Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, eg. 125.25.) (1) Specific identification method assuming:Unit 9 Lab Assignment - AC114 X WP NWP Assessment Player UI Apj X *Dashboard X + C education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=9b3e68f3-cOf0-4b65-93d9-f6a08c97e062#/question/9 : AC114 Unit 9 Lab Assignment Question 10 of 10 0 / 10 = : FIFO LIFO eTextbook and Media Save for Later Attempts: 3 of 5 used Submit Answer (a2) Your answer is incorrect. Prepare partial income statements for 2022 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: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,300 liters from March 20. (2) FIFO (3) LIFO SHEFFIELDINC. Income Statement (partial) For the Month Ended December 31, 2022 Specific Identification FIFO LIFO Cost of goods available for sale Beginning inventory Ending inventory Gross profit / (Loss) Sales revenue ute ago. Cost of goods sold Attempts: 2 of 5 used Submit Answer Purchases