Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is...
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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 2021, Carlson had three cars in inventory, as follows:
| Car ID | Cost | ||
| 203 | $ | 69,000 | |
| 207 | 69,000 | ||
| 210 | 72,000 | ||
During 2021, each of the three autos sold for $99,000. Additional purchases (listed in chronological order) and sales for the year were as follows:
| Car ID | Cost | Selling Price | ||||
| 211 | $ | 69,000 | $ | 99,000 | ||
| 212 | 69,000 | 102,000 | ||||
| 213 | 70,500 | not sold | ||||
| 214 | 72,000 | 105,000 | ||||
| 215 | 75,000 | 109,500 | ||||
| 216 | 73,500 | not sold | ||||
| 217 | 78,000 | 114,000 | ||||
| 218 | 75,300 | 115,500 | ||||
| 219 | 81,000 | not sold | ||||
4. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system.
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