Specific identification method

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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