3. Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system. Ending inventory Cost of goods sold Answer is not complete. LIFO Periodic $ 909,000 X
3. Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system. Ending inventory Cost of goods sold Answer is not complete. LIFO Periodic $ 909,000 X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information
Problem 8-7 (Algo) Various inventory costing methods [LO8-1, 8-4]
[The following information applies to the questions displayed below.]
Auto Dealers Incorporated 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 2024, Auto Dealers had three cars in inventory, as
follows:
Car ID
203
207
210
Car ID
211
212
213
214
215
216
217
218
219
During 2024, each of the three autos sold for $129,000. Additional purchases (listed in chronological order) and sales for
the year were as follows:
Cost
Problem 8-7 (Algo) Part 3
Ending inventory
Cost of goods sold
Cost
$ 99,000
99,000
102,000
$
$ 99,000
99,000
100,500
102,000
105,000
103,500
108,000
105,300
111,000
Answer is not complete.
LIFO Periodic
Selling Price
909,000
$ 129,000
132,000
not sold
135,000
139,500
3. Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system.
not sold
144,000
145,500
not sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F97310109-1431-4019-9859-f2fa2507bcbf%2F65f26063-5c4a-4da6-b473-3a7a8e25f2a6%2F0je2m85_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Problem 8-7 (Algo) Various inventory costing methods [LO8-1, 8-4]
[The following information applies to the questions displayed below.]
Auto Dealers Incorporated 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 2024, Auto Dealers had three cars in inventory, as
follows:
Car ID
203
207
210
Car ID
211
212
213
214
215
216
217
218
219
During 2024, each of the three autos sold for $129,000. Additional purchases (listed in chronological order) and sales for
the year were as follows:
Cost
Problem 8-7 (Algo) Part 3
Ending inventory
Cost of goods sold
Cost
$ 99,000
99,000
102,000
$
$ 99,000
99,000
100,500
102,000
105,000
103,500
108,000
105,300
111,000
Answer is not complete.
LIFO Periodic
Selling Price
909,000
$ 129,000
132,000
not sold
135,000
139,500
3. Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system.
not sold
144,000
145,500
not sold
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