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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.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M948933

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