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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: |
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Car ID |
Cost |
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203 |
$ |
96,000 |
|
|
207 |
96,000 |
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|
210 |
99,000 |
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During 2013, each of the three autos sold for $126,000. Additional purchases (listed in chronological order) and sales for the year were as follows: |
|
Car ID |
Cost |
Selling Price |
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|
211 |
$ |
96,000 |
$ |
126,000 |
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|
212 |
96,000 |
129,000 |
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|
213 |
97,500 |
not sold |
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214 |
99,000 |
132,000 |
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|
215 |
102,000 |
136,500 |
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216 |
100,500 |
not sold |
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|
217 |
105,000 |
141,000 |
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|
218 |
102,300 |
142,500 |
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|
219 |
108,000 |
not sold |
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Required: |
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1. |
Calculate 2013 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method. |
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2. |
Calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system. |
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3. |
Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system. |
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4. |
Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system. |