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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 2013, Carlson had three cars in inventory, as follows: Car ID Cost 203 $ 96,000 207 96,000 210 99,000 During 2013, each of the three autos sold for $126,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID Cost Selling Price 211 $ 96,000 $ 126,000 212 96,000 129,000 213 97,500 not sold 214 99,000 132,000 215 102,000 136,500 216 100,500 not sold 217 105,000 141,000 218 102,300 142,500 219 108,000 not sold Required: 1. Calculate 2013 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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