Question

100% ■· Tue Mar 6 12:12 PM Diego Saavedra a is located in Connect Project 13 selis a handmade automobile as its only product. Each automobile is identical, however, they can be distinguished by their unique ID Carlson Auto Dealers Inc. number. At the beginning of 2016, Cartson had three cars in inventory, as follows During 2016, each of the three autos sold for $90,000. Additional purchase. Cited ndronolga, oder) and sales fo·the yer were as Car IDCost Selling Price s 90,000 63,000 64,500 66,000 69,000 0,500 72,000 93,000 215 1 00,500 105,000 2016 ending inventory and cest of goods sold assuming the company uses the specific identification Calculate ending inventary and cost of goods sold assuming FIFO and a periodie invertory system S Calculate ending inventory and cost of goods sold assuming LiFO and a periodic inventory system Calcuiate ending inventory and cost of goods sold assuming the average cost method and a periodic MacBook Air

Answer 1

	1	Specific Identification Method
			Car ID	Cost of goods sold	Sales price
			203	$60,000	$90,000
			207	$60,000	$90,000
			210	$63,000	$90,000
			211	$63,000	$90,000
			212	$63,000	$93,000
			214	$66,000	$96,000
			215	$69,000	$100,500
			217	$72,000	$105,000
			218	$72,300	$106,500
			TOTAL	$588,300	$861,000
				ENDING INVENTORY
			Car ID	Purchase cost
			213	$64,500
			216	$70,500
			219	$75,000
			TOTAL	$210,000
				2016 ending inventory	$210,000
				2016 cost of goods sold	$588,300
	2	FIFO and Periodic inventory system
				ENDING INVENTORY
				Quantity of ending inventory	3
				Amount of ending inventory=Cost of last three purchases
				Amount of ending inventory=
			ID	Cost
			217	$72,000
			218	$72,300
			219	$75,000
			A	Ending Inventory	$219,300
			B	Beginning inventory	$        183,000	(60000+60000+630000)
				Purchased during the year
			Cae ID	Cost
			211	$63,000
			212	$63,000
			213	$64,500
			214	$66,000
			215	$69,000
			216	$70,500
			217	$72,000
			218	$72,300
			219	$75,000
			C	Total purchase during the year	$615,300
			D=B+C	Inventory available	$        798,300
			E=D-A	Cost ofgoods sold	$        579,000
				2016 ending inventory	$219,300
				2016 cost of goods sold	$        579,000
	3	LIFO and Periodic inventory system
				ENDING INVENTORY
				Quantity of ending inventory	3
				Amount of ending inventory=Cost of first three cars
				Amount of ending inventory:
				Cost
				$60,000
				$60,000
				$63,000
			Total	$183,000
			A	Ending Inventory	$183,000
			B	Beginning inventory	$        183,000	(60000+60000+630000)
				Purchased during the year
			Cae ID	Cost
			211	$63,000
			212	$63,000
			213	$64,500
			214	$66,000
			215	$69,000
			216	$70,500
			217	$72,000
			218	$72,300
			219	$75,000
			C	Total purchase during the year	$615,300
			D=B+C	Inventory available	$        798,300
			E=D-A	Cost ofgoods sold	$        615,300
				2016 ending inventory	$183,000
				2016 cost of goods sold	$        615,300