Question: Part 2: Specific Identification Inventory Method (Chapter 5) Emma Ford has the following vehicles available for sale during the month of March. Each has a

Part 2: Specific Identification Inventory Method (Chapter 5) Emma Ford has

Part 2: Specific Identification Inventory Method (Chapter 5) Emma Ford has the following vehicles available for sale during the month of March. Each has a unique vehicle identification number (VIN), so Emma Ford uses the specific identification method to account for its inventory. Vehicle 2020 Ford Focus VIN 1000001234 2020 Ford Focus VIN 1000002345 2020 Ford Focus VIN 1000003456 2020 Ford Focus VIN 1000004567 2020 Ford Focus VIN 1000005678 Cost $38,525 $40,562 $42,861 $40,841 $37,485 1. Emma Ford sold the following Ford Focus cars during March. What was Emma Ford's March revenue? Vehicle 2020 Ford Focus VIN 1000001234 2020 Ford Focus VIN 1000002345 2020 Ford Focus VIN 1000004567 Selling Price $46,900 $49,900 $49,999 2. Calculate Emma Ford's cost of goods sold for March. 3. What is Emma Ford's gross profit on the March income statement? 4. Calculate Emma Ford's inventory balance on the March 31 balance sheet

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