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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 During 2024, each of the three autos sold for $114,000. Additional purchases (listed in chronological order) and sales for the year were as follows: 216 217 Cost 218 219 $ Cost 84,000 84,000 87,000 $ 84,000 84,000 85,500 87,000 90,000 88,500 93,000 90,300 96,000 Selling Price $ 114,000 117,000 not sold 120,000 124,500 not sold 129,000 130,500 not 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 Car ID 211 212 213 214 215 During 2024, each of the three autos sold for $114,000. Additional purchases (listed in chronological order) and sales for the year were as follows: 216 217 Cost 218 219 $ Cost 84,000 84,000 87,000 $ 84,000 84,000 85,500 87,000 90,000 88,500 93,000 90,300 96,000 Selling Price $ 114,000 117,000 not sold 120,000 124,500 not sold 129,000 130,500 not sold

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required information [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 Cost Car ID 211 212 213 214 215 216 217 218 219 During 2024, each of the three autos sold for $114,000. Additional purchases (listed in chronological order) and sales for the year were as follows: $ 84,000 84,000 87,000 Cost $ 84,000 84,000 85,500 87,000 90,000 88,500 93,000 90,300 96,000 Selling Price $ 114,000 117,000 not sold 120,000 124,500 not sold 129,000 130,500 not sold Required: 1. Calculate 2024 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method.
Transcribed Image Text:Required information [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 Cost Car ID 211 212 213 214 215 216 217 218 219 During 2024, each of the three autos sold for $114,000. Additional purchases (listed in chronological order) and sales for the year were as follows: $ 84,000 84,000 87,000 Cost $ 84,000 84,000 85,500 87,000 90,000 88,500 93,000 90,300 96,000 Selling Price $ 114,000 117,000 not sold 120,000 124,500 not sold 129,000 130,500 not sold Required: 1. Calculate 2024 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method.
Required: 1. Calculate 2024 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method. Ending inventory Cost of goods sold Specific Identification
Transcribed Image Text:Required: 1. Calculate 2024 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method. Ending inventory Cost of goods sold Specific Identification
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