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

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 2013, Carlson had three cars in inventory, as follows:

Car ID	Cost
203	$	84,000
207		84,000
210		87,000

During 2013, each of the three autos sold for $114,000. Additional purchases (listed in chronological order) and sales for the year were as follows:

Car ID	Cost			Selling Price
211	$	84,000		$	114,000
212		84,000			117,000
213		85,500			not sold
214		87,000			120,000
215		90,000			124,500
216		88,500			not sold
217		93,000			129,000
218		90,300			130,500
219		96,000			not sold

Required:
1.	Calculate 2013 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.