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You have the following information for Coronado Inc. Coronado 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\mathrm{.}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 $5,000$ liters for $$1\mathrm{.}25$ per liter. 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$.125\mathrm{.}50.)$

$(1)$ 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 $10$; $1,100$ liters from March $20.$

$(2)$ FIFO

$(3)$ LIFO

Ending inventory

Specific identification

$enter a dollar amount

$3003$

Correct answer

FIFO

$enter a dollar amount

$3197$

Correct answer

LIFO

$enter a dollar amount

$2658$

Correct answer 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$.125\mathrm{.}25.)$

$(1)$ 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 $3$ 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 $10$; $1,100$ liters from March $20.$

$(2)$ FIFO

$(3)$ LIFOCORONADOINC.

Income Statement $($partial$)$

For the Year Ended December $31,2022$

Specific Identification

$

FIFO

LIFO

$

$

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