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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 203 207 210 During 2021, each of the three autos sold for $90,000 Additional purchases (listed in chronological order) and sales for the year were as follows: Car 10 211 Cost $60,000 60,000 63,000 212 213 214 215 216 217 218 219 Cost $63,000 63,000 64,500 66,000 69,000 70,500 72,000 72,300 75,000 Selling Price $ 90,000 93,000 not sold. 96,000 100,500 not sold 105,000 106,500 not sold

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 203 207 210 During 2021, each of the three autos sold for $90,000 Additional purchases (listed in chronological order) and sales for the year were as follows: Car 10 211 Cost $60,000 60,000 63,000 212 213 214 215 216 217 218 219 Cost $63,000 63,000 64,500 66,000 69,000 70,500 72,000 72,300 75,000 Selling Price $ 90,000 93,000 not sold. 96,000 100,500 not sold 105,000 106,500 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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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 203 207 210 During 2021, each of the three autos sold for $90,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car 10 211 212 213 214 215 216 217 Cost $60,000 60,000 63,000 218 219 Cost $63,000 63,000 64,500 66,000 69,000 70,500 72,000 72,300 75,000 Selling Price $ 90,000 93,000 not sold 96,000 100,500 not sold 105,000 106,500 not sold..
Transcribed Image Text: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 203 207 210 During 2021, each of the three autos sold for $90,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car 10 211 212 213 214 215 216 217 Cost $60,000 60,000 63,000 218 219 Cost $63,000 63,000 64,500 66,000 69,000 70,500 72,000 72,300 75,000 Selling Price $ 90,000 93,000 not sold 96,000 100,500 not sold 105,000 106,500 not sold..
2. Calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system. Ending inventory Cost of goods sold 3. Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system. Ending inventory Cost of goods sold FIFO Periodic Ending inventory Cost of goods sold LIFO Periodic 4. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system. Average Cost Method Periodic
Transcribed Image Text:2. Calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system. Ending inventory Cost of goods sold 3. Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system. Ending inventory Cost of goods sold FIFO Periodic Ending inventory Cost of goods sold LIFO Periodic 4. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system. Average Cost Method Periodic
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