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You have the following information for Crane Inc. Crane Inc. uses the periodic method of accounting for its inventory transactions. March March March March March March (a1) 1 Beginning inventory 2,100 liters at a cost of 50 per liter. 3 Purchased 2,500 liters at a cost of 54 per liter. Sold 2,300 liters for $1.05 per liter. Purchased 4,000 liters at a cost of 61 per liter. Purchased 2,300 liters at a cost of 69 per liter. X Your answer is incorrect. (2) FIFO 10 (3) LIFO 20 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, eg. 125.50.) FIFO 30 Sold 5,100 liters for $1.25 per liter. (1) Specific identification method assuming: (1) 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 LIFO (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; 1,200 liters from March 20. Specific identification Ending inventory SA LA LA 4225

You have the following information for Crane inc. Crane inc, uses the periodic method of accounting for its inventory transactions March 1 Beginninginventory 2,100 liters at a cost of 50e per iter. March 3. Purchased 2500 liters at a cost, of 54C per liter: March 5 Sold2,300itersfor $105 perliter. March 10 Purchased 4,000 liters at a cost of 614 perliter: Narch 20 Purchased 2300 liters at a cost of 69c perliter: March 30 SoldS.100ilters for $125 per liter. (a1) X Your answer is incorrect: 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, es 125.50). (1) Specificidentification methot assuming (ii) The March 5 sale consisted of 1,000 ilters from the March 1 beginning imventory and 1.300 iiters 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 iiters from March 3; 2,900 iiters from March 10: 1,200 liters from March 20. (2) FIFO (3) UE=0 You have the following information for Crane inc. Crane inc, uses the periodic method of accounting for its inventory transactions March 1 Beginninginventory 2,100 liters at a cost of 50e per iter. March 3. Purchased 2500 liters at a cost, of 54C per liter: March 5 Sold2,300itersfor $105 perliter. March 10 Purchased 4,000 liters at a cost of 614 perliter: Narch 20 Purchased 2300 liters at a cost of 69c perliter: March 30 SoldS.100ilters for $125 per liter. (a1) X Your answer is incorrect: 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, es 125.50). (1) Specificidentification methot assuming (ii) The March 5 sale consisted of 1,000 ilters from the March 1 beginning imventory and 1.300 iiters 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 iiters from March 3; 2,900 iiters from March 10: 1,200 liters from March 20. (2) FIFO (3) UE=0

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