What is inventory cost?

Inventory Cost Method question?

• 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: 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 were 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 70,500 not sold 217 72,000 105,000 218 72,300 106,500 219 75,000 not sold Required: (1) Compute 2011 ending inventory and cost of goods sold assuming the company uses the specific identification inventory method. (Omit the "$" sign in your response.) Ending inventory $ Cost of goods sold $ (2) Compute ending inventory and cost of goods sold assuming FIFO and a periodic inventory system. (Omit the "$" sign in your response.) Ending inventory $ Cost of goods sold $ (3) Compute ending inventory and cost of goods sold assuming LIFO and a periodic inventory system. (Omit the "$" sign in your response.) Ending inventory $ Cost of goods sold $ (4) Compute ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system. (Omit the "$" sign in your response.) Ending inventory $ Cost of goods sold $

• Answer:

  What is the point of you going to school if want us to do your homework? We won't be in the test room to help you....better learn to solve it yourself.