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Specific identification method

01 / 10 / 2021 Assignment

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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.



International House, 12 Constance Street, London, United Kingdom,
E16 2DQ

Company # 11483120

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