At the beginning of 2015, a company had three cars in inventory, as follows.

Cars ID : 103 107 110

Cost : $30,000 $30,000 $36,000

During 2015, each of the three cars have been sold for 50,000. Additional purchases and sales for the year were as follows.

Cars ID : 111 112 113 114 115 116 117 118 119

Cost : $36,000 $36,000 $38,500 $40,000 $45,000 $46,000 $50,000 $55,000 $60,000

Selling price: $50,000 $56,000 not sold $56,500 $58,000 not sold $58,500 $60,000 not sold

Required: Calculate 2015 ending inventory and cost of goods sold assuming the company uses:

1 The specific identification inventory method. 2. FIFO under a periodic inventory system 3. LIFO under a periodic inventory system. 4. Average cost method under a periodic system