Carlson Auto Dealers Inc. 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 2021, Carlson had three cars in inventory, as follows: Car ID Cost 203 $ 93,000 207 93,000 210 96,000 During 2021, each of the three autos sold for $123,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID Cost Selling Price 211 $ 93,000 $ 123,000 212 93,000 126,000 213 94,500 not sold 214 96,000 129,000 215 99,000 133,500 216 97,500 not sold 217 102,000 138,000 218 99,300 139,500 219 105,000 not sold How do you calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system?
Carlson Auto Dealers Inc. 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 2021, Carlson had three cars in inventory, as follows: Car ID Cost 203 $ 93,000 207 93,000 210 96,000 During 2021, each of the three autos sold for $123,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID Cost Selling Price 211 $ 93,000 $ 123,000 212 93,000 126,000 213 94,500 not sold 214 96,000 129,000 215 99,000 133,500 216 97,500 not sold 217 102,000 138,000 218 99,300 139,500 219 105,000 not sold How do you calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Carlson Auto Dealers Inc. 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 2021, Carlson had three cars in inventory, as follows:
| Car ID | Cost | ||
| 203 | $ | 93,000 | |
| 207 | 93,000 | ||
| 210 | 96,000 | ||
During 2021, each of the three autos sold for $123,000. Additional purchases (listed in chronological order) and sales for the year were as follows:
| Car ID | Cost | Selling Price | ||||
| 211 | $ | 93,000 | $ | 123,000 | ||
| 212 | 93,000 | 126,000 | ||||
| 213 | 94,500 | not sold | ||||
| 214 | 96,000 | 129,000 | ||||
| 215 | 99,000 | 133,500 | ||||
| 216 | 97,500 | not sold | ||||
| 217 | 102,000 | 138,000 | ||||
| 218 | 99,300 | 139,500 | ||||
| 219 | 105,000 | not sold | ||||
How do you calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system?
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