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

question 64

Multiple Choice

Ted's Used Cars uses the specific identification method of costing inventory.During March, Ted purchased three cars for $8,000, $10,000, and $13,000, respectively.During March, two cars are sold for $12,000 each.Ted determines that at March 31, the $13,000 car is still on hand.What is Ted's gross profit for March?

• A)$7,000.
• B)$6,000.
• C)$1,000.
• D)$11,000.

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Definitions:

Bone Deposition

The process by which new bone tissue is formed, involving osteoblasts laying down new bone material, crucial for growth and bone healing.

Hormone

Chemical messengers produced by glands that regulate physiological activities by signaling distant organs.

Sarcoplasmic Reticulum

Specialized endoplasmic reticulum in muscle cells; stores and releases calcium ions.

Calcium

A chemical element with the symbol Ca, essential for living organisms, particularly in cell physiology and bone formation.