Problem 8-7 (Static) Various inventory costing methods [LO8-1, 8-4]

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[The following information applies to the questions displayed below.] 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:

Car ID	Cost			Selling Price
211	$	63,000		$	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		75,000		not sold

Problem 8-7 (Static) Part 1

Required: 1. Calculate 2021 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method.

	Specific Identification
Ending inventory
Cost of goods sold