Specific identification methofd_Boston Galleries

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Description

Specific identification methofd_Boston Gallerie

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

Painting Cost

1/2 Beginning inventory Woods $21,000

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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