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

March		1		Beginning inventory 1,950 liters at a cost of 60 per liter.
March		3		Purchased 2,475 liters at a cost of 65 per liter.
March		5		Sold 2,320 liters for $1.10 per liter.
March		10		Purchased 3,820 liters at a cost of 72 per liter.
March		20		Purchased 2,580 liters at a cost of 80 per liter.
March		30		Sold 5,160 liters for $1.25 per liter.

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. 125.25.)

(1)	Specific identification method assuming:
	(i)	The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,320 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: 500 liters from March 1; 545 liters from March 3; 2,900 liters from March 10; 1,215 liters from March 20.
(2)	FIFO
(3)	LIFO

2 - 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 1,000 liters from the March 1 beginning inventory and 1,320 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: 500 liters from March 1; 545 liters from March 3; 2,900 liters from March 10; 1,215 liters from March 20.
(2)	FIFO
(3)	LIFO

Income statement (partial)

Specific Identification	FIFO	LIFO
sales revenue
beginning inventory
purchases
cost of goods for sale
ending of inventory
cost of goods sold
gross profit (loss)

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