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Category > Management Posted 10 Jul 2017 My Price 12.00

Barton Inc

Problem 6-6A (Part Level Submission)

You are provided with the following information for Barton Inc. Barton Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,025 liters at a cost of 59A??c per liter. March 3 Purchased 2,405 liters at a cost of 64A??c per liter. March 5 Sold 2,295 liters for $1.00 per liter. March 10 Purchased 4,165 liters at a cost of 71A??c per liter. March 20 Purchased 2,585 liters at a cost of 79A??c per liter. March 30 Sold 5,275 liters for $1.30 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. 125.25.)

(1) Specific identification method assuming:

(i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,295 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: 480 liters from March 1; 595 liters from March 3; 2,900 liters from March 10; 1,300 liters from March 20.

(2) FIFO

(3) LIFO

(a2)

Prepare partial income statements 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 1,295 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: 480 liters from March 1; 595 liters from March 3; 2,900 liters from March 10; 1,300 liters from March 20.

(2) FIFO

(3) LIFO

BARTON INC.
Income Statement (partial)
BARTON INC.

Income Statement (partial)

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Explanation

Specific Identification

FIFO

LIFO
       
       
       
       
       
       
       
       

 

Answers

Maurice Tutor
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Status NEW Posted 10 Jul 2017 10:07 PM My Price 12.00

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