Specific identification method.
Boston Galleries uses the specific identification method for inventory valuation.
Inventory information for several oil paintings follows.
|
Painting |
Cost |
|
|
1/2 Beginning inventory |
Woods |
11,000 |
|
4/19 Purchase Sunset |
21,800 |
|
|
6/7 Purchase Earth |
31,200 |
|
|
12/16 Purchase |
Moon |
4,000 |
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s:
a. Cost of goods sold.
b. Gross profit.
c. Ending inventory.