Required information Problem 8-7 (Algo) Various inventory costing methods [LO8-1, 8-4] [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 Car ID 211 212 213 214 During 2024, each of the three autos sold for $129,000. Additional purchases (listed in chronological order) and sales for the year were as follows: 215 216 217 218 219 Cost Problem 8-7 (Algo) Part 3 Cost Ending inventory Cost of goods sold $ 99,000 99,000 102,000 $ $ 99,000 99,000 100,500 102,000 105,000 103,500 108,000 105,300 111,000 x Answer is not complete. LIFO Periodic Selling Price 909,000 x $ 129,000 132,000 not sold 135,000 139,500 . Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system. not sold 144,000 145,500 not sold
Required information Problem 8-7 (Algo) Various inventory costing methods [LO8-1, 8-4] [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 Car ID 211 212 213 214 During 2024, each of the three autos sold for $129,000. Additional purchases (listed in chronological order) and sales for the year were as follows: 215 216 217 218 219 Cost Problem 8-7 (Algo) Part 3 Cost Ending inventory Cost of goods sold $ 99,000 99,000 102,000 $ $ 99,000 99,000 100,500 102,000 105,000 103,500 108,000 105,300 111,000 x Answer is not complete. LIFO Periodic Selling Price 909,000 x $ 129,000 132,000 not sold 135,000 139,500 . Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system. not sold 144,000 145,500 not sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
Problem 8-7 (Algo) Various inventory costing methods [LO8-1, 8-4]
[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
Car ID
211
212
213
214
215
216
217
218
219
Cost
During 2024, each of the three autos sold for $129,000. Additional purchases (listed in chronological order) and sales for
the year were as follows:
Cost
Problem 8-7 (Algo) Part 3
$ 99,000
99,000
102,000
Ending inventory
Cost of goods sold
$ 99,000
99,000
100,500
102,000
105,000
103,500
108,000
105,300
111,000
X Answer is not complete.
LIFO Periodic
Selling Price
909,000 X
$ 129,000
132,000
not sold
135,000
139,500
3. Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system.
not sold
144,000
145,500
not sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb438be35-ec57-4431-aa8f-b6d299421846%2F50951897-038a-401d-98fe-e0e1dd9c4cb8%2F3htqh2g_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Problem 8-7 (Algo) Various inventory costing methods [LO8-1, 8-4]
[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
Car ID
211
212
213
214
215
216
217
218
219
Cost
During 2024, each of the three autos sold for $129,000. Additional purchases (listed in chronological order) and sales for
the year were as follows:
Cost
Problem 8-7 (Algo) Part 3
$ 99,000
99,000
102,000
Ending inventory
Cost of goods sold
$ 99,000
99,000
100,500
102,000
105,000
103,500
108,000
105,300
111,000
X Answer is not complete.
LIFO Periodic
Selling Price
909,000 X
$ 129,000
132,000
not sold
135,000
139,500
3. Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system.
not sold
144,000
145,500
not sold
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