ACC 205 Week 3 Assignment
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Description
Yesenia Hernandez
Week Three Assignment
Inventory
ACC 205
Professor- Rodisch
-
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
21,000
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. Sold: 21,000 4,000 25,000
b. gross profit. Profit: 35,000 - 25,000 10,000
c. ending inventory. Inventory: 21,800 31,200 53,000
- Inventory valuation methods: basic computations. The January beginning...
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