Connect ect.html ies: Measurement Carlson Auto Dealers Inc. sells a handmade aut

Question

Connect ect.html ies: Measurement Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical, however, they can be distingulshed by their unique ID number. At the beginning of 2018, Carlson had three cars in Inventory, as follows: 203 $72,000 287 75,0 210 72,080 During 2018, each of the three autos sold for $102.000. Addtional purchases (isted in chronological order) and sales for the year wer as follows $72,e09 2,008 3,580 5,00e B,000 Selling Price $102,000 1e5,e0 not sold 1e6,000 132,se0 not sold 117,080 118,500 not seld 211 213 214 215 216 218 219 1,000 78,300 84,900 1. Calculate 2018 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method Required: 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 4. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory sysem FIFO Periodic LIFO Periodic Average C nding inventory Cost of goods sold

Explanation / Answer

Specific ID FIFO LIFO Weighted Average Beginning Inventory 203      72,000.00 203      72,000.00 203      72,000.00 203      72,000.00 207      72,000.00 207      72,000.00 207      72,000.00 207      72,000.00 210      75,000.00 210      75,000.00 210      75,000.00 210      75,000.00 Total Beginning Inventory    219,000.00    219,000.00    219,000.00    219,000.00 Purchases 211      72,000.00 211      72,000.00 211      72,000.00 211      72,000.00 212      72,000.00 212      72,000.00 212      72,000.00 212      72,000.00 213      73,500.00 213      73,500.00 213      73,500.00 213      73,500.00 214      75,000.00 214      75,000.00 214      75,000.00 214      75,000.00 215      78,000.00 215      78,000.00 215      78,000.00 215      78,000.00 216      76,500.00 216      76,500.00 216      76,500.00 216      76,500.00 217      81,000.00 217      81,000.00 217      81,000.00 217      81,000.00 218      78,300.00 218      78,300.00 218      78,300.00 218      78,300.00 219      84,000.00 219      84,000.00 219      84,000.00 219      84,000.00 Total Purchases    690,300.00    690,300.00    690,300.00    690,300.00 Cost of Goods Available    909,300.00    909,300.00    909,300.00    909,300.00 Ending Inventory 213      73,500.00 213      81,000.00 213      72,000.00 any unit      75,775.00 216      76,500.00 216      78,300.00 216      72,000.00 any unit      75,775.00 219      84,000.00 219      84,000.00 219      75,000.00 any unit      75,775.00 Total Ending Inventory    234,000.00    243,300.00    219,000.00    227,325.00 Cost of Goods Sold    675,300.00    666,000.00    690,300.00    681,975.00 Weighted Average Cost Average Cost per Unit = $909,300 / 12 Units = $75,775

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