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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

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 $ 93,000
207 93,000
210 96,000

During 2018, each of the three autos sold for $123,000. Additional purchases (listed in chronological order) and sales for the year were as follows:

Car ID Cost Selling Price
211 $ 93,000 $ 123,000
212 93,000 126,000
213 94,500 not sold
214 96,000 129,000
215 99,000 133,500
216 97,500 not sold
217 102,000 138,000
218 99,300 139,500
219 105,000 not sold

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.

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