Finance: Gene’s Used Cars uses the specific identification method

Finance: Gene’s Used Cars uses the specific identification method

Subject: Business    / Finance
Question

Gene’s Used Cars uses the specific identification method of costing inventory. During March, Gene purchased three cars for $5,000, $6,500, and $8,000, respectively. During March, two cars are sold for $7,500 each. Gene determines that at March 31, the $8,000 car is still on hand. What is Gene’s cost of goods sold for March?