Question: Problem 8-7 (Static) Various inventory costing methods [LO8-1, 8-4] [The following information applies to the questions displayed below] Carlson Auto Dealers Inc sells a handmade
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Problem 8-7 (Static) Various inventory costing methods [LO8-1, 8-4] [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 distinquished bv their unique ID number. At the beginning of 2021, Carlson had three cars in inventory, as follows: 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: 4. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system
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