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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 $ 54,000
207 54,000
210 57,000

During 2021, each of the three autos sold for $84,000. Additional purchases (listed in chronological order) and sales for the year were as follows:

Car ID Cost Selling Price
211 $ 54,000 $ 84,000
212 54,000 87,000
213 55,500 not sold
214 57,000 90,000
215 60,000 94,500
216 61,500 not sold
217 63,000 99,000
218 63,300 100,500
219 66,000 not sold

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

b) Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system.

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