In October, Claire's Gallery purchased four original paintings for resale for the following amounts: Painting 1, $1,000;

Question:

In October, Claire's Gallery purchased four original paintings for resale for the following amounts: Painting 1, $1,000; Painting 2, $2,000; Painting 3, $3,000; and Painting 4, $4,000. Paintings 3 and 4 were sold during October for $6,500 each. Calculate the cost of goods sold for the month and the balance on October 31 using specific identification.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...