Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Roundanswers 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 3purchase; 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$SWIFTYINC.Income Statement (partial)Specific Identification$FIFOLIFO You have the following information for Swifty Inc. Swifty Inc. uses the periodic method of accounting for its inventory transactions.MarchMarchMarch1 Beginning inventory 2,200 liters at a cost of 70¢ per liter.3 Purchased 2,500 liters at a cost of 74¢ per liter.Sold 2,300 liters for $1.05 per liter.Purchased 4,000 liters at a cost of 81¢ per liter.Purchased 2,300 liters at a cost of 89¢ per liter.Sold 5,200 liters for $1.25 per liter.(a1)5March 10MarchMarch 3020Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flowassumptions. (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 3purchase; 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) LIFOSpecific identificationFIFOLIFOEnding inventory$$$

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Description: Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Roundanswers to 2 decimal places, e.g. 125.25.)(1) Specific identification method assuming:(i)The March 5 sale consisted of 1,000 li

Specific identification method- Under specific identification method goods are identified on the…

Business

Accounting

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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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