Reference no: EM132420735

You are provided with the following information for Sunland Inc. Sunland Inc. Uses the Periodic method of Accounting for its inventory Transactions.

March 1 Beginning inventory 2,000 liters at a cost of 70 cents per liter

March 3 Purchased 2,500 Liters at a cost of 74 cents per liter

March 5 Sold 2,300 for $1.05 per liter

March 10 Purchased 4,000 liters at a cost of 81 cents per liter.

March 20 Purchased 2,500 liters at a cost of 89 cents per liter.

March 30 Sold 5,200 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 the 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

What is the ending inventory under the following methods

Special Identification $_____

FIFO $______

LIFO $______