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
2. Calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system.
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