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 $ 84,000
207 84,000
210 87,000
During 2013, each of the three autos sold for $114,000. Additional purchases (listed in chronological order) and sales for the year were as follows:
Car ID Cost Selling Price
211 $ 84,000 $ 114,000
212 84,000 117,000
213 85,500 not sold
214 87,000 120,000
215 90,000 124,500
216 88,500 not sold
217 93,000 129,000
218 90,300 130,500
219 96,000 not sold
1. Calculate 2013 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method.
2. Calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system.
3. Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system.
4. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system.