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 2024, Auto Dealers had three cars in inventory, as follows:

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:

Required:
1. Calculate 2024 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 203 207 210 Cost $60,000 60,000 63,000