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 assuming0) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3purchase; and(i) 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) LIFOSales revenue,Beginning inventory5SWIFTYINC.Income Statement (partial)For the Year Ended December 31, 2022Specific Identification8.915FIFO0.915LIFO0,91 You have the following information for Swifty Inc. Swifty Inc. uses the periodic method of accounting for its inventory transactions.March1 Beginning inventory 2,200 liters at a cost of 50¢ per liter.March3Purchased 2,500 liters at a cost of 54¢ per liter.March 5Sold 2,300 liters for $1.05 per liter.March 10Purchased 4,000 liters at a cost of 61e per liter.Purchased 2,400 liters at a cost of 69¢ per liter.Sold 5,200 liters for $1.25 per liter.March 20March 30

In periodic inventory system, the entire material is physically counted and the value of ending…

Prepare partial income statements for 2022 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 0) 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 (i) 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

Prepare partial income statements for 2022 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 0) 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 (i) 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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