Question

 Carlson Auto Dealers Inc.sells a handmade automobile as its only product. Each automobile isidentical; however, they can be distinguished by their unique IDnumber. At the beginning of 2013, Carlson had three cars ininventory, as follows:

 CarID Cost 203 \$ 96,000 207 96,000 210 99,000

 During 2013, each of the threeautos sold for \$126,000. Additional purchases (listed inchronological order) and sales for the year were asfollows:

 CarID Cost Selling Price 211 \$ 96,000 \$ 126,000 212 96,000 129,000 213 97,500 not sold 214 99,000 132,000 215 102,000 136,500 216 100,500 not sold 217 105,000 141,000 218 102,300 142,500 219 108,000 not sold

 Required: 1. Calculate 2013 endinginventory and cost of goods sold assuming the company uses thespecific identification inventory method.

 2 Calculate ending inventoryand cost of goods sold assuming FIFO and a periodic inventorysystem.

 3 Calculate ending inventoryand cost of goods sold assuming LIFO and a periodic inventorysystem.

 4 Calculate ending inventoryand cost of goods sold assuming the average cost method and aperiodic inventory system.