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During 2018, each of the three autos sold for $108,000. Additional purchases (listed in chronological order) and sales for the year were as follows:

Car ID	Cost			Selling Price
211	$	78,000		$	108,000
212		78,000			111,000
213		79,500		not sold
214		81,000			114,000
215		84,000			118,500
216		82,500		not sold
217		87,000			123,000
218		84,300			124,500
219		90,000		not sold

Required: 1. Calculate 2018 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.

During 2018, each of the three autos sold for $108,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID 211 212 213 214 215 216 217 218 219 Cost $78,000 78,000 79,500 81,000 84,000 82,500 87,000 84,300 90,000 Selling Price $108,000 111,000 not sold 114,000 118,500 not sold 123,000 124,500 not sold Required: 1. Calculate 2018 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. Specific Identification Average Cost Method Periodic FIFO Periodic LIFO Periodic Ending inventory Cost of goods sold

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