Imagine you run a boutique wine shop, and your ending inventory includes several unique bottles of wine:

Vintage Bordeaux - Cost: $150

Italian Barolo - Cost: $200

California Cabernet Sauvignon - Cost: $80 Australian Shiraz - Cost: $90

You have one bottle of Vintage Bordeaux, two bottles of Italian Barolo, three bottles of California Cabernet Sauvignon, and four bottles of Australian Shiraz in your ending inventory.

To compute the value of your ending inventory using the Specific Identification Method:

1) Calculate the value of each type of wine based on its specific cost and quantity.

2) Add up the individual values to determine the total value of your ending inventory using the

Specific Identification Method.

3) What is the total value of your ending inventory according to the Specific Identification Method?