Ted's Used Cars Uses the Specific Identification Method of Costing

question 58

Multiple Choice

Ted's Used Cars uses the specific identification method of costing inventory. During March, Ted purchased three cars for $6,000, $7,500, and $9,750, respectively. During March, two cars are sold for $9,000 each. Ted determines that at March 31, the $9,750 car is still on hand. What is Ted's gross profit for March?

• A) $5,250.
• B) $4,500.
• C) $750.
• D) $8,250.

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