On December 1, Carla Vista Electronics has three DVD players left in stock. All are identical, all are priced to sell at $65. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $40. Another, with serial #1045, was purchased on November 1 for $37. The last player, serial #1056, was purchased on November 30 for $31.

Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three players were sold by the end of December, Carla Vista Electronics year-end.

The cost of goods sold using the FIFO

$

If Carla Vista Electronics used the specific identification method instead of the FIFO method, how might it alter its earnings by selectively choosing which particular players to sell to the two customers? What would Carla Vistas cost of goods sold be if the company wished to minimize earnings? Maximize earnings?

Cost of goods sold would be $ (enter the Cost of goods sold in dollars if it wished to minimize the earnings.)

Cost of goods sold would be $ (enter the Cost of goods sold in dollars if it wished to maximize the earnings.)