Adamss Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1,...
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Adamss Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Adams adopted dollar-value LIFO and decided to use a single inventory pool. The companys January 1 inventory consists of: Category Quantity Cost per Unit Total Cost Portable 6,100 $113 $ 689,300 Midsize 8,400 283 2,377,200 Flat-screen 3,000 452 1,356,000 17,500 $4,422,500 During 2017, the company had the following purchases and sales. Category Quantity Purchased Cost per Unit Quantity Sold Selling Price per Unit Portable 15,200 $124 13,300 $170 Midsize 19,200 339 23,400 458 Flat-screen 10,400 565 6,100 678 44,800 42,800 find Price index Compute ending inventory, cost of goods sold, and gross profit 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.Ending inventory Cost of goods sold Gross profit
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