P8-7 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 2011, Carlson had three cars in inventory, as
follows:

During 2011, each of
the three autos sold for \$90,000. Additional purchases (listed in chronological
order) and sales for the year were as follows:

Required:

1. Calculate 2011
ending inventory and cost of goods sold assuming the company uses the specific
identification inventory method.
2. Calculate ending
inventory and cost of goods sold assuming FIFO and a periodic inventory
system.
3. Calculate ending
inventory and cost of goods sold assuming LIFO and a periodic inventory
system.
4. Calculate ending
inventory and cost of goods sold assuming the average cost method and a periodic
inventory system.

P8-7 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 2011, Carlson had three cars in inventory, as
follows:

During 2011, each of
the three autos sold for \$90,000. Additional purchases (listed in chronological
order) and sales for the year were as follows:

Required:

1. Calculate 2011
ending inventory and cost of goods sold assuming the company uses the specific
identification inventory method.
2. Calculate ending
inventory and cost of goods sold assuming FIFO and a periodic inventory
system.
3. Calculate ending
inventory and cost of goods sold assuming LIFO and a periodic inventory
system.
4. Calculate ending
inventory and cost of goods sold assuming the average cost method and a periodic
inventory system.

P8-7 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 2011, Carlson had three cars in inventory, as
follows:

During 2011, each of
the three autos sold for \$90,000. Additional purchases (listed in chronological
order) and sales for the year were as follows:

Required:

1. Calculate 2011
ending inventory and cost of goods sold assuming the company uses the specific
identification inventory method.
2. Calculate ending
inventory and cost of goods sold assuming FIFO and a periodic inventory
system.
3. Calculate ending
inventory and cost of goods sold assuming LIFO and a periodic inventory
system.
4. Calculate ending
inventory and cost of goods sold assuming the average cost method and a periodic
inventory system.

P8-7 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 2011, Carlson had three cars in inventory, as
follows:

During 2011, each of
the three autos sold for \$90,000. Additional purchases (listed in chronological
order) and sales for the year were as follows:

Required:

1. Calculate 2011
ending inventory and cost of goods sold assuming the company uses the specific
identification inventory method.
2. Calculate ending
inventory and cost of goods sold assuming FIFO and a periodic inventory
system.
3. Calculate ending
inventory and cost of goods sold assuming LIFO and a periodic inventory
system.
4. Calculate ending
inventory and cost of goods sold assuming the average cost method and a periodic
inventory system.

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