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You are provided with the following information for Crane Inc. Crane Inc. uses the periodic method of accounting for its inventory transactions.
You are provided with the following information for Crane Inc. Crane Inc. uses the periodic method of accounting for its inventory transactions.
March1Beginning inventory 2,000 liters at a cost of 60¢ per liter.March3Purchased 2,500 liters at a cost of 64¢ per liter.March5Sold 2,300 liters for $1.05 per liter.March10Purchased 4,000 liters at a cost of 71¢ per liter.March20Purchased 2,200 liters at a cost of 79¢ per liter.March30Sold 5,000 liters for $1.25 per liter.
Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.)
(1)Specific identification method assuming:(i)The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and(ii)The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10; 1,100 liters from March 20.(2)FIFO(3)LIFO
Ending inventory
Specific identification$
FIFO$
LIFO
