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Find and calculate the value of ending inventory

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You are provided with the following information for Bonita Inc. Bonita Inc. uses the periodic method of accounting for its inventory transactions.

March 3 Purchased 2,500 liters at a cost of 74¢ per liter.

March 5 Sold 2,300 liters for $1.05 per liter.

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

March 20 Purchased 2,400 liters at a cost of 89¢ per liter.

March 30 Sold 5,100 liters for $1.25 per liter.

Problem 1: 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.)

Reference no: EM132689066

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