Question: 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

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

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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