1 Specific identification method 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 u2019s a cost of goods sold b gross profit c ending inventory

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Question: 1. Specific identification method . Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. Painting Cost 1/2

1. Specific identification method. 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%u2019s

a. cost of goods sold.

b. gross profit.

c. ending inventory.

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