Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2018, Carlson had three cars in inventory, as follows:
Car ID __________________Cost__
203 .......................... $60,000
207 .......................... 60,000
210 .......................... 63,000
During 2018, each of the three autos sold for $90,000. Additional purchases (listed in chronological order) and sales for the year were as follows:

Required:
1. Calculate 2018 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method.
2. Calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system.
3. Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system.
4. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system.

Transcribed Image Text:

Car ID 211 212 213 214 215 216 217 218 219 Cost Selling Price $90,000 $63,000 63,000 64,500 66,000 69,000 70,500 72,000 72,300 75,000 93,000 not sold 96,000 100,500 not sold 105,000 106,500 not sold