Question

Problem 8-8 Chris’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Chris adopted dollar-value LIFO and decided to use a single inventory pool. The company’s January 1 inventory consists of: Category Quantity Cost per Unit Total Cost Portable 5,700 $121 $ 689,700 Midsize 8,400 303 2,545,200 Flat-screen 2,900 484 1,403,600 17,000 $4,638,500 During 2017, the company had the following purchases and sales. Category Quantity Purchased Cost per Unit Quantity Sold Selling Price per Unit Portable 15,000 $133 13,600 $182 Midsize 20,200 363 24,700 490 Flat-screen 10,400 605 5,700 726 45,600 44,000 Calculate price index. (Round price index to 4 decimal places, e.g. 1.4562.) Price index Compute ending inventory, cost of goods sold, and gross profit. (Round answers to 0 decimal places, e.g. 6,548.) Ending inventory $ Cost of goods sold $ Gross profit $ Assume the company uses three inventory pools instead of one. Compute ending inventory, cost of goods sold, and gross profit. (Round price index to 6 decimal places, e.g. 1.456287 and final answers to 0 decimal places, e.g. 6,548.) Ending inventory $ Cost of goods sold $ Gross profit $

Answer 1