Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.

Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.

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





Woodsand 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.


Price: £ 45

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