1 | Specific Identification Method | ||||||||||
Car ID | Cost of goods sold | Sales price | |||||||||
203 | $60,000 | $90,000 | |||||||||
207 | $60,000 | $90,000 | |||||||||
210 | $63,000 | $90,000 | |||||||||
211 | $63,000 | $90,000 | |||||||||
212 | $63,000 | $93,000 | |||||||||
214 | $66,000 | $96,000 | |||||||||
215 | $69,000 | $100,500 | |||||||||
217 | $72,000 | $105,000 | |||||||||
218 | $72,300 | $106,500 | |||||||||
TOTAL | $588,300 | $861,000 | |||||||||
ENDING INVENTORY | |||||||||||
Car ID | Purchase cost | ||||||||||
213 | $64,500 | ||||||||||
216 | $70,500 | ||||||||||
219 | $75,000 | ||||||||||
TOTAL | $210,000 | ||||||||||
2016 ending inventory | $210,000 | ||||||||||
2016 cost of goods sold | $588,300 | ||||||||||
2 | FIFO and Periodic inventory system | ||||||||||
ENDING INVENTORY | |||||||||||
Quantity of ending inventory | 3 | ||||||||||
Amount of ending inventory=Cost of last three purchases | |||||||||||
Amount of ending inventory= | |||||||||||
ID | Cost | ||||||||||
217 | $72,000 | ||||||||||
218 | $72,300 | ||||||||||
219 | $75,000 | ||||||||||
A | Ending Inventory | $219,300 | |||||||||
B | Beginning inventory | $ 183,000 | (60000+60000+630000) | ||||||||
Purchased during the year | |||||||||||
Cae ID | Cost | ||||||||||
211 | $63,000 | ||||||||||
212 | $63,000 | ||||||||||
213 | $64,500 | ||||||||||
214 | $66,000 | ||||||||||
215 | $69,000 | ||||||||||
216 | $70,500 | ||||||||||
217 | $72,000 | ||||||||||
218 | $72,300 | ||||||||||
219 | $75,000 | ||||||||||
C | Total purchase during the year | $615,300 | |||||||||
D=B+C | Inventory available | $ 798,300 | |||||||||
E=D-A | Cost ofgoods sold | $ 579,000 | |||||||||
2016 ending inventory | $219,300 | ||||||||||
2016 cost of goods sold | $ 579,000 | ||||||||||
3 | LIFO and Periodic inventory system | ||||||||||
ENDING INVENTORY | |||||||||||
Quantity of ending inventory | 3 | ||||||||||
Amount of ending inventory=Cost of first three cars | |||||||||||
Amount of ending inventory: | |||||||||||
Cost | |||||||||||
$60,000 | |||||||||||
$60,000 | |||||||||||
$63,000 | |||||||||||
Total | $183,000 | ||||||||||
A | Ending Inventory | $183,000 | |||||||||
B | Beginning inventory | $ 183,000 | (60000+60000+630000) | ||||||||
Purchased during the year | |||||||||||
Cae ID | Cost | ||||||||||
211 | $63,000 | ||||||||||
212 | $63,000 | ||||||||||
213 | $64,500 | ||||||||||
214 | $66,000 | ||||||||||
215 | $69,000 | ||||||||||
216 | $70,500 | ||||||||||
217 | $72,000 | ||||||||||
218 | $72,300 | ||||||||||
219 | $75,000 | ||||||||||
C | Total purchase during the year | $615,300 | |||||||||
D=B+C | Inventory available | $ 798,300 | |||||||||
E=D-A | Cost ofgoods sold | $ 615,300 | |||||||||
2016 ending inventory | $183,000 | ||||||||||
2016 cost of goods sold | $ 615,300 | ||||||||||
100% ■· Tue Mar 6 12:12 PM Diego Saavedra a is located in Connect Project 13...
Could you tell why my ans. is incorrect and how to find the numbers for Avg. cost method periodic? Problem 8-7 Various inventory costing methods [LO8-1,8-4) Carlson Auto Dealers Inc. selis handmade automobile as its only product. Each automobile is identical; however they can be distinguished by their unique ID number. At the beginning of 2018, Carlson had three cars in inventory, as follows: $69,000 72.800 During 2015, each of the three autos sold for 599,000. Additional purchases listed in...
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 IDCost203$66,00020766,00021069,000During 2021, each of the three autos sold for $96,000. Additional purchases (listed in chronological order) and sales for the year were as follows:Car IDCostSelling Price211$66,000$96,00021266,00099,00021367,500not sold21469,000102,00021572,000106,50021673,500not sold21775,000111,00021872,300112,50021978,000not soldRequired:1. Calculate 2021 ending inventory and cost of goods sold assuming the company...
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 2018, Carlson had three cars in inventory, as follows: Car ID 203 207 210 Cost $102,000 102,000 105,000 During 2018, each of the three autos sold for $132,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID 211 212 213 214 215 216...
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 2018, Carlson had three cars in inventory, as follows: Car ID Cost 203 $ 69,000 207 69,000 210 72,000 During 2018, each of the three autos sold for $99,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID Cost Selling Price 211 $...
Required information (The following information applies to the questions displayed below. 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 Cost $72,000 72,000 75,000 During 2021, each of the three autos sold for $102,000. Additional purchases listed in chronological order) and sales for the year...
Required information [The following information applies to the questions displayed below.] 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 $ 63,000 207 63,000 210 66,000 During 2021, each of the three autos sold for $93,000. Additional purchases (listed in chronological order) and sales for the...
Need help with comprehensive project (PLEASE MAKE SURE CHECK TOTALS ARE CORRECT) TIA!!! T- Accounts Adjusted Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Closing Entries Post-closing trial balance Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2016. Given on the first two tabs are ABC's 12/31/16 Unadjusted Trial Balance and a list of needed adjustments. 1. Make all 12 adjustments on the...