Problem 8-8 (Part Level Submission) Morgans Televisions produces television sets in three categories: portable, midsize,...
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Problem 8-8 (Part Level Submission) Morgans Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Morgan 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 | 6,200 | $124 | $ 768,800 | |||
| Midsize | 7,900 | 310 | 2,449,000 | |||
| Flat-screen | 3,100 | 496 | 1,537,600 | |||
| 17,200 |
| $4,755,400 |
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 | $136 | 14,400 | $186 | ||||
| Midsize | 19,900 | 372 | 23,200 | 502 | ||||
| Flat-screen | 9,700 | 620 | 6,200 | 744 | ||||
| 44,800 | 43,800 |
|
-Calculate price index 2-Compute ending inventory, cost of goods sold, and gross profit. 3-"Assume the company uses three inventory pools instead of one.
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