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    Carlson Auto Dealers, Inc: Calculate Inventory Cost

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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 bginning of 2011, Carlson had three cars in inventory, as follows:
    Car ID Cost
    203 $60,000
    207 $60,000
    210 $63,000
    During 2011, each of the three autos sold for $90,000. Additional purchases (listed in chronological order) and sales for the year as follows:
    CAR ID COST SELLING PRICE
    211 $63,000 $90,000
    212 63,000 93,000
    213 64,500 not sold
    214 66,000 96,000
    215 69,000 100,500
    216 70,000 not sold
    217 72,000 105,000
    218 72,300 106,500
    219 75,000 not sold

    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.

    © BrainMass Inc. brainmass.com October 10, 2019, 3:07 am ad1c9bdddf
    https://brainmass.com/business/inventory/carlson-auto-dealers-inc-calculate-inventory-cost-407495

    Solution Summary

    Your tutorial is in Excel and shows the ending inventory and COGS computations for specific ID, LIFO, FIFO, and average cost. Click on cells to see computations. This is a template you can use for other similar problems.

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