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You have the following information for Sheffield Inc. Sheffield Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,000 liters at a cost of 60% per liter. March 3 Purchased 2,500 liters at a cost of 62c per liter. March 5 Sold 2,300liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 69c per liter. March 20 Purchased 2,300 liters at a cost of 77$ per liter. March 30 Sold 5,200 liters for $1.25 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, eg. 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 $ FIFO LIFO $ $ eTextbook and Media Save for Later Attempts: 0 of 5 used Submit Answer (a2) Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal ploces, eg. 125.25. (1) Specific identifcation 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

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