25 Jun SPECIFIC IDENTIFICATION METHOD ASSUMING
You are provided with the following information for Barton Inc. Show more Problem 6-6A (Part Level Submission) You are provided with the following information for Barton Inc. Barton Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2025 liters at a cost of 59 per liter. March 3 Purchased 2405 liters at a cost of 64 per liter. March 5 Sold 2295 liters for $1.00 per liter. March 10 Purchased 4165 liters at a cost of 71 per liter. March 20 Purchased 2585 liters at a cost of 79 per liter. March 30 Sold 5275 liters for $1.30 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 1000 liters from the March 1 beginning inventory and 1295 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: 480 liters from March 1; 595 liters from March 3; 2900 liters from March 10; 1300 liters from March 20. (2) FIFO (3) LIFO (a2) Prepare partial income statements 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 1000 liters from the March 1 beginning inventory and 1295 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: 480 liters from March 1; 595 liters from March 3; 2900 liters from March 10; 1300 liters from March 20. (2) FIFO (3) LIFO BARTON INC. Income Statement (partial) BARTON INC. Income Statement (partial) .. BARTON INC. Income Statement (partial) BARTON INC. Income Statement (partial) .. BARTON INC. Income Statement (partial) BARTON INC. Income Statement (partial) .. BARTON INC. Income Statement (partial) BARTON INC. Income Statement (partial) .. Explanation Specific Identification FIFO LIFO Show less
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