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Category > Accounting Posted 11 Aug 2017 My Price 7.00

Carlson Auto Dealers Inc

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.

 

Answers

Maurice Tutor
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Status NEW Posted 11 Aug 2017 05:08 PM My Price 7.00

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