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 Cost $ 87,000 87,000 90,000 During 2024, each of the three autos sold for $117,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID Cost Selling Price 211 $ 87,000 $ 117,000 212 213 87,000 88,500 120,000 not sold 214 90,000 123,000 215 93,000 127,500 216 91,500 not sold 217 96,000 132,000 218 93,300 133,500 219 99,000 not sold . Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system. Average Cost Method Periodic Ending inventory Cost of goods sold
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 Cost $ 87,000 87,000 90,000 During 2024, each of the three autos sold for $117,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID Cost Selling Price 211 $ 87,000 $ 117,000 212 213 87,000 88,500 120,000 not sold 214 90,000 123,000 215 93,000 127,500 216 91,500 not sold 217 96,000 132,000 218 93,300 133,500 219 99,000 not sold . Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system. Average Cost Method Periodic Ending inventory Cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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