Dean's Sales Ltd., a small Ford dealership, has provided you with the following information with respect to its vehicle inventory for the month of April. The company uses the specific identification cost formula.

Instructions
(a) Determine the cost of goods sold and ending inventory for the month of April.
(b) Determine the gross profit for the month of April.
(c) Discuss whether the specific identification cost formula is likely the most appropriate cost formula for Dean's Sales. Explain why this is, or is not, the case.

Date Explanation Model Vehicle Identification # Unit Cost/Price $24,000 25,000 29,000 29,000 31,000 26,000 32,000 30,000 31,000 29,000 28,000 30,000 33,000 32,500 34,000 32,000 27,000 30,000 Apr.1 Beginning inventory Focus C81362 F-150 F1883 F-150 F1921 Mustang G62313 FlexX3892 FocusC81362 Mustang G62313 Mustang G71811 8 Sales 12 Purchases ex X4214 Esca Mustang G71891 Flex Mustang G71891 F-150 F1921 FlexX3892 Esca FocusC81528 Esca pe E21202 X4212 18 Sales pe E21202 23 Purchases pe E28268