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 2021, Carlson had three cars in inventory, as follows: 

Car ID..................Cost 

203.......................$60,000 

207........................60,000 

210........................63,000 

During 2021, 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 2021 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.

Transcribed Image Text:

Car ID Cost Selling Price $63,000 $ 90,000 211 212 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