Question
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 | $ | 66,000 | |
207 | 66,000 | ||
210 | 69,000 | ||
During 2013, each of the three autos sold for $96,000. Additional purchases (listed in chronological order) and sales for the year were as follows: |
Car ID | Cost | Selling Price | ||||
211 | $ | 66,000 | $ | 96,000 | ||
212 | 66,000 | 99,000 | ||||
213 | 67,500 | not sold | ||||
214 | 69,000 | 102,000 | ||||
215 | 72,000 | 106,500 | ||||
216 | 73,500 | not sold | ||||
217 | 75,000 | 111,000 | ||||
218 | 72,300 | 112,500 | ||||
219 | 78,000 | not sold | ||||
Required: | |||||
1. | Calculate 2013 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method. | ||||
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2. | Calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system. |
ending inventory | |
cost of good sold |
3. | Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system. | ||||
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4. | Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system.
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