Required information Problem 8-7 (Algo) 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 distinguished by their unique ID number. At the beginning of 2021. Carlson had three cars in inventory, as follows: Car ID 203 207 210 Cost $66,000 66,000 69,000 During 2021, each of the three autos sold for $96,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID 211 212 214 215 216 217 218 219 Cost 566,000 66,000 67,500 69,000 72,000 73,500 75,000 72,300 78,000 Selling Price $ 96,000 99,000 not sold 102,000 106,500 not sold 111,000 112,500 not sold Problem 8-7 (Algo) Part 1 Specific Identification Required: 1. Calculate 2021 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method. Answer is complete but not entirely correct. Specific Identification Ending inventory 621,300 Cost of goods sold 219,000