8. 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 Cost 203 RM 90,000 207 90,000 210 93,000 During 2024, each of the three autos sold for RM120,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID Cost Selling Price 211 RM 90,000 RM 120,000 212 90,000 123,000 213 91,500 214 93,000 215 96,000 216 217 218 219 94,500 99,000 96,300 102,000 not sold 126,000 130,500 not sold 135,000 136,500 not sold Required: Calculate ending inventory and cost of goods sold assuming: a. FIFO and a periodic inventory system. b. FIFO and perpetual system

8. 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 Cost 203 RM 90,000 207 90,000 210 93,000 During 2024, each of the three autos sold for RM120,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID Cost Selling Price 211 RM 90,000 RM 120,000 212 90,000 123,000 213 91,500 214 93,000 215 96,000 216 217 218 219 94,500 99,000 96,300 102,000 not sold 126,000 130,500 not sold 135,000 136,500 not sold Required: Calculate ending inventory and cost of goods sold assuming: a. FIFO and a periodic inventory system. b. FIFO and perpetual system

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 9E: Williams Corporation had the following purchases for May: May 3Bought ten lawn rakes from Owens...

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Question

8.
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
Cost
203 RM 90,000
207
210
During 2024, each of the three autos sold for RM120,000. Additional purchases (listed in
chronological order) and sales for the year were as follows:
Car ID Cost
211 RM 90,000
212
90,000
213
91,500
214 93,000
215
96,000
94,500
99,000
216
217
218
219
90,000
93,000
96,300
102,000
Selling Price
RM 120,000
123,000
not sold
126,000
130,500
not sold
135,000
136,500
not sold
Required:
Calculate ending inventory and cost of goods sold assuming:
a. FIFO and a periodic inventory system.
b. FIFO and perpetual system

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