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 2011, Carlson had three cars in inventory, as follows:

Car ID Cost

203 ...... $60,000

207 ........ 60,000

210 ........ 63,000

During 2011, each of the three autos sold for $90,000. Additional purchases (listed in chronological order) and sales for the year were as follows:

Required:
1. Calculate 2011 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 inventorysystem.

Transcribed Image Text:

Car IDCost ing Price 211563.00 $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 75,000not sold