Question
In October, Margaret's Gallery purchased four original paintings for resale for the following amounts: Painting 1, $1,050; Painting 2, $2,640; Painting 3, $3,550; and Painting
In October, Margaret's Gallery purchased four original paintings for resale for the following amounts: Painting 1, $1,050; Painting 2, $2,640; Painting 3, $3,550; and Painting 4, $4,540, Paintings 3 and 4 were sold during October for $6,510 each. Calculate the cost of goods sold for the month and the ending inventory balance on October 31 using specific identification.
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Principles Of Auditing And Other Assurance Services
Authors: Ray Whittington, Kurt Pany
18th Edition
0077486277, 978-0077486273
