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.
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 firmâ€™s
a. cost of goods sold.
b. gross profit
c. ending inventory.