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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 2018, Carlson had three cars in inventory, as follows: Car ID 203 207 210 Cost $102,000 102,000 105,000 During 2018, each of the three autos sold for $132,000. 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 $102,000 102,000 103,500 105,000 108,000 106,500 111,000 108,300 114,000 Selling Price $ 132,000 135,000 not sold 138,000 142,500 not sold 147,000 148,500 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. FIFO Periodic LIFO Periodic Specific Identification $ 324,000 $ 945,300 Average Cost Method Periodic $ 317,325 $ 942,425 x Ending inventory Cost of goods sold $ $ 333,300 936,000 $ $ 309,000 960,300

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