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Problem:

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.

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