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The following information applies to the questions displayed below.] Carlson Auto Dealers Inc....

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Accounting

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:

Car ID Cost
203 $ 105,000
207 105,000
210 108,000

During 2021, each of the three autos sold for $135,000. Additional purchases (listed in chronological order) and sales for the year were as follows:

Car ID Cost Selling Price
211 $ 105,000 $ 135,000
212 105,000 138,000
213 106,500 not sold
214 108,000 141,000
215 111,000 145,500
216 109,500 not sold
217 114,000 150,000
218 111,300 151,500
219 117,000 not sold

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

image

Average Cost Method Periodic Ending inventory Cost of goods sold

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