Question

Problem 6-6A (Part Level Submission) You are provided with the following information for Marigold Corp. Marigold Corp uses the periodic system of accounting for its inventory transactions March 1 Beginning inventory 2,050 iters at a cost of 60e per iter. March 3 Purchased 2,455 liters at a cost of 65t per Iiter March 5 Sold 2,255 liters for $1.10 per liter. March 10 Purchased 4.130 lters at a cost of 72t per liter March 20 Purchased 2,505 lters at a cost of 804 per liter. March 30 Sold 5,175 lters for $1.30 per liter. (a1) Your anwer is correct Calculate the value of ending inventory that would be reported on the balance sheet, under each of the fellowing cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (1) Specific identification rjethod assuming: ) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,255 liters from the March 3 purchase, and () The March 30 sale consisted of the following number ef units sold from beginning inventory and each purchase: 400 1ters from March 1; 570 liters from March 3 2,900 iters from March 10, 1,305 liters frem March 20. (2) FIFO (3) LIFO Ending Inventory Specific identincation R645.10 FIFO 2871.60 2309 UFO Attempts: 4 of S used (a). Prepare partial income statements through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, eg. 125.25.) (1) Specific identinication method assuming (0 The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,255 liters from the March 3 purchase; and aThe March 30cale.consited efe feilino

please solve for a2. show answers by drawing the table and filling it for covinience please

Answer 1

STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC SPECIFIC IDENTIFICATION METHOD
	RECIEPTS			COST OF GOODS SOLD			BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
Beg. Balance	2050	0.6	1230	1400	0.6	840	650	0.6	390
Purchasse
3-Mar	2455	0.65	1595.75	1825	0.65	1186.25	630	0.65	409.5
10-Mar	4130	0.72	2973.6	2900	0.72	2088	1230	0.72	885.6
20-Mar	2505	0.8	2004	1305	0.8	1044	1200	0.8	960
TOTAL	11140		7803.35	7430		5158.25	3710		2645.1
STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC FIFO METHOD
	RECIEPTS			COST OF GOODS SOLD			BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
Beg. Balance	2050	0.6	1230	2050	0.6	1230
Purchasse
3-Mar	2455	0.65	1595.75	2455	0.65	1595.75
10-Mar	4130	0.72	2973.6	2925	0.72	2106	1205	0.72	867.6
20-Mar	2505	0.8	2004				2505	0.8	2004
TOTAL	11140		7803.35	7430		4931.75	3710		2871.6
STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC LIFO METHOD
	RECIEPTS			COST OF GOODS SOLD			BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
Beg. Balance	2050	0.6	1230				2050	0.6	1230
Purchasse
3-Mar	2455	0.65	1595.75	795	0.65	516.75	1660	0.65	1079
10-Mar	4130	0.72	2973.6	4130	0.72	2973.6
20-Mar	2505	0.8	2004	2505	0.8	2004
TOTAL	11140		7803.35	7430		5494.35	3710		2309
		Ending Inventory
Specific Identification		2645.1
FIFO		2871.6
LIFO		2309
Req a(2)
Sales revenue:
Mar 05 (2255 units @ 1.10):			2480.5
Mar 30 (5175 units @1.30):			6727.5
Total sales revenue			9208
Total Purchase in $ = 1595.75+2973.6+2004 = 6573.35
Income statement
				Specific	FIFO	LIFO
Sales revenue				9208	9208	9208
Beginning Inventory				1230	1230	1230
Add: Total Purchases				6573.35	6573.35	6573.35
Total cost of goods available for sale				7803.35	7803.35	7803.35
Less: Ending inventory				2645.1	2871.6	2309
Cost of goods sold				5158.25	4931.75	5494.35
Gross Profit (sales revenue -Cost of goods sold)				4049.75	4276.25	3713.65