1 Part 1 of 4 Required information [The following information applies to the questions displayed below.] 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: 1.25 points Car ID 203 207 210 Cost $90,000 90,000 93,000 eBook During 2021, each of the three autos sold for $120,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Print References Car ID 211 212 213 214 215 216 217 218 219 Cost $ 90,000 90,000 91,500 93,000 96,000 94,500 99,000 96,300 102,000 Selling Price $120,000 123,000 not sold 126,000 130, 500 not sold 135,000 136,500 not sold Required: 1. Calculate 2021 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method. Specific Identification Ending inventory Cost of goods sold 2 ! Part 2 of 4 Required information (The following information applies to the questions displayed below.) 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: 1.25 points Car ID 203 207 210 Cost $90,000 90,000 93,000 eBook During 2021, each of the three autos sold for $120,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Print G References Car ID 211 212 213 214 215 216 217 218 219 Cost $ 90,000 90,000 91,500 93,000 96,000 94,500 99,000 96,300 102,000 Selling Price $120,000 123, 000 not sold 126,000 130, 500 not sold 135,000 136,500 not sold 2. Calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system. FIFO Periodic Ending inventory Cost of goods sold 3 Required information [The following information applies to the questions displayed below.) Part 3 of 4 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: 1.25 points Car ID 203 207 210 Cost $90,000 90,000 93,000 eBook During 2021, each of the three autos sold for $120,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Print References Car ID 211 212 213 214 215 216 217 218 219 Cost $ 90,000 90,000 91,500 93,000 96,000 94,500 99,000 96,300 102,000 Selling Price $120,000 123,000 not sold 126,000 130,500 not sold 135,000 136,500 not sold 3. Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system. LIFO Periodic Ending inventory Cost of goods sold 4. Par 4 ore Part 4 of 4 Required information [The following information applies to the questions displayed below.] 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: 125 points Car ID 203 207 210 Cost $90,000 90,000 93,000 eBook During 2021, each of the three autos sold for $120,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Print References Car ID 211 212 213 214 215 216 217 218 219 Cost $ 90,000 90,000 91,500 93,000 96,000 94,500 99,000 96,300 102,000 Selling Price $120,000 123,000 not sold 126,000 130, 500 not sold 135,000 136,500 not sold 4. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system. Average Cost Method Periodic Ending inventory Cost of goods sold 5 Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending inventory to base year. The company began operations on January 1, 2021, with an inventory of $255,000. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows: 2.5 points Year Ended December 31 2021 2022 2023 2024 Ending Inventory at Year-End Costs $319,300 406,560 384, 770 372, 750 Cost Index (Relative to Base Year) 1.03 1.12 1.09 1.05 eBook Print Required: Calculate inventory amounts at the end of each year. (Round intermediate calculations and final answers to the nearest whole dollars.) References Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost Date Inventory at Year-End Cost Year-End Cost Index Inventory Layers at Base Year Cost Inventory Layers at Base Year Cost Year-End Cost Index Inventory Layers Converted to Cost 01/01/2021 Base - 12/31/2021 Base 2021 - = 12/31/2022 Base 2021 - 2022 12/31/2023 Base 2021 2022 2023 12/31/2024 Base 2021 2022 2023 = 2024