Problem Inventory Valuation Using Specific Identification Quantity Purchased Bonner-Young Desk Company uses the specific identification method of inventory costing. You obtained the following records for the year: Purchase Price per Unit Units on Hand at End of Year 10 $120.00 3 15 130.00 2 12 124.50 5 20 122.00 0 15 128.00 6 OOONW Required 1. Determine the cost of the ending inventory using the specific identification method. 2. Assume that all the desks ate substantially identical and that their selling price $200 each. Determine the gross profit from the sales. 3. How would your answer in (2) differ if the entire inventory of 16 units was from tie items purchased at $122 per unit? 4. Compare your answers in (2) and (3). What does this suggest about some of the conceptual problems with the specific identification method