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 2016, Carlson had three car in inventory, as follows:

Car ID Cost

203 $102,000

207 $102,000

210 $105,000

During 2016, each of the three autos sold for $132,000. Additional purchases (listed in chronological order) and sales for the years were as follows:

Car ID Cost Selling Price

211 $102,000 $132,000

212 $102,000 $135,000

213 $103,500 $not sold

214 $105,000 $138,000

215 $108,000 $142,500

216 $106,500 not sold

217 $111,000 $147,000

218 $108,300 $148,500

219 $114,000 $not sold

1.) Compute 2016 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method.

2.) Compute ending inventory and cost of goods sold assuming FIFO and a periodic inventory system.

3.) Comoute ending inventory and cost of goods sold assuming LIFO and a periodic inventory system.

4.) Compute ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system.