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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	$ 60,000
207	60,000
210	63,000

During 2024, each of the three autos sold for $90,000. Additional purchases (listed in chronological order) and sales for the year were as follows:

Car ID	Cost	Selling Price
211	$ 63,000	$ 90,000
212	63,000	93,000
213	64,500	not sold
214	66,000	96,000
215	69,000	100,500
216	70,500	not sold
217	72,000	105,000
218	72,300	106,500
219	75,000	not sold

Required:

1. Calculate 2024 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method.

Specific Identification

Ending inventory?

Cost Of Good Sold?

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

FIFO Periodic

Ending inventory?

Cost Of Good Sold?

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

LIFO Periodic

Ending inventory?

Cost Of Good Sold?

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

Average Cost Method Periodic

Ending inventory?

Cost Of Good Sold?