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You have the following information for Sheridan Inc. Sheridan Inc. uses the periodic method of accounting for its inventory transactions.

March 1 Beginning inventory 2,100 liters at a cost of 88 per liter.

March 3 Purchased 2,500 liters at a cost of 92 per liter.

March 5 Sold 2,300 liters for $1.05 per liter.

March 10 Purchased 4,000 liters at a cost of 99 per liter.

March 20 Purchased 2,200 liters at a cost of 107 per liter.

March 30 Sold 5,200 liters for $1.25 per liter.

a1) 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 $enter a dollar amount $3222

FIFO $enter a dollar amount $3443

LIFO $enter a dollar amount $2952

(a2) 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. 125.25.)

(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; 1,300 liters from March 20.

(2) FIFO

3) LIFO

SHERIDANINC.

Income Statement

SHERIDANINC. Income Statement (partial) ^

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