Park Place Luxury Autos uses the specific identification method to value its inventory. Below is a listing of automobiles that were either in beginning inventory or acquired during the year:

Park Place uses the specific identification method. Total sales during the year were $600,000. Automobiles in ending inventory were the Rolls Royce, Lexus, Jaguar, and BMW. Determine the ending inventory, cost of goods sold, and gross profit for Park Place.

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Automobile Date Acquired Cost Bentley Beginning inventory $120,000 Rolls Royce Beginning inventory 160,000 Cadillac January 40,000 Lexus March 50,000 Land Rover June 60,000 Jaguar July 42,000 Porsche September 75,000 Mercedes November 85,000 BMW December 64,000 Inifiniti December 39,000