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.