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B-08.07 Problem

B-08.07 Problem - Porsche September 75,000 Mercedes...

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B-08.07 Park Place Luxury Autos uses the specific identification method to value its inventory. Below is a listing of automobiles that were either in beginning inventory or acquired during the year: Automobile Date Acquired Cost Bentley Beginning inventory $ 120,000 Rolls Royce Beginning inventory 160,000 Cadillac January 40,000 Lexus March 50,000 Land Rover June 60,000 Jaguar July 42,000
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Unformatted text preview: Porsche September 75,000 Mercedes November 85,000 BMW December 64,000 Inifiniti December 39,000 Park Place uses the specific identification method. Total sales during the year were $600,000. Automobiles in ending inventory were the Rolls Royce, Lexus, Jaguar, and BMW. Determine the ending inventory, cost of goods sold, and gross profit for Park Place....
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