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Problem 6-06A al-a2 (Part Level Submission) You are provided with the following information for Sunland...

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Problem 6-06A al-a2 (Part Level Submission) 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 per liter. 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 2,500 liters at a cost of 89 per liter. March 30 Sold 5,200 liters for $1.25 per liter. (al) x Your answer is incorrect. Try again. 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 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 Ending inventory Specific identification 3003 FIFO 3197 LIFO 2658

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