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Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is...

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Accounting

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 Cost
203 $ 69,000
207 69,000
210 72,000

During 2021, each of the three autos sold for $99,000. Additional purchases (listed in chronological order) and sales for the year were as follows:

Car ID Cost Selling Price
211 $ 69,000 $ 99,000
212 69,000 102,000
213 70,500 not sold
214 72,000 105,000
215 75,000 109,500
216 73,500 not sold
217 78,000 114,000
218 75,300 115,500
219 81,000 not sold

4. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system.

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