ACC 205 Week 3 Exercise 1 Specific identification method
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Write My Essay For MeSpecific 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’s
- cost of goods sold.
- gross profit.
- ending inventory.
Woods and Moon were sold during the year for a total of $35,000. Determine the firm’s
- cost of goods sold.
- gross profit.
- ending inventory.
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