Item5

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Item 5

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Auto Dealers Incorporated 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 2024, Auto Dealers had three cars in inventory, as follows:

Car ID	Cost
203	$ 54,000
207	54,000
210	57,000

During 2024, each of the three autos sold for $84,000. Additional purchases (listed in chronological order) and sales for the year were as follows:

Car ID	Cost	Selling Price
211	$ 54,000	$ 84,000
212	54,000	87,000
213	55,500	not sold
214	57,000	90,000
215	60,000	94,500
216	61,500	not sold
217	63,000	99,000
218	63,300	100,500
219	66,000	not sold

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