Specific 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:
a. Cost of goods sold.
b. Gross profit.
c. Ending inventory.
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