Case study of boston galleries


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's

a. cost of goods sold.

b. gross profit.

c. ending inventory.

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Accounting Basics: Case study of boston galleries
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