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 $57,000 207 57,000 210 60,000 During 2021, each of the three autos sold for $87,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Selling Price $ 87,000 Cost $57,000 57,000 58,500 60,000 Car ID 211 212 90,000 not sold 93,000 97,500 213 214 215 63,000 not sold 102,000 103,500 not sold 216 64,500 66,000 66,300 69,000 217 218 219 4. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inven 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 $57,000 207 57,000 210 60,000 During 2021, each of the three autos sold for $87,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Selling Price $ 87,000 Cost $57,000 57,000 58,500 60,000 Car ID 211 212 90,000 not sold 93,000 97,500 213 214 215 63,000 not sold 102,000 103,500 not sold 216 64,500 66,000 66,300 69,000 217 218 219 4. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inven system.

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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