In October, Courtney's Gallery purchased four original paintings for resale for the following amounts: Painting 1, $500;

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In October, Courtney's Gallery purchased four original paintings for resale for the following amounts: Painting 1, $500; Painting 2, $2,500; Painting 3, $2,900; and Painting 4, $3,900. Paintings 3 and 4 were sold during October for $6,500 each. Calculate the cost of goods sold for the month and the ending inventory 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 =...
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Accounting Principles

ISBN: 978-1119048503

7th Canadian Edition Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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