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, Carls

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 $ 96,000

207 96,000

210 99,000

During 2013, each of the three autos sold for $126,000. Additional purchases (listed in chronological order) and sales for the year were as follows:

Car ID Cost Selling Price

211 $ 96,000 $ 126,000

212 96,000 129,000

213 97,500 not sold

214 99,000 132,000

215 102,000 136,500

216 100,500 not sold

217 105,000 141,000

218 102,300 142,500

219 108,000 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.

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