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 5,900 $116 $ 684,400
Midsize 7,900 290 2,291,000
Flat-screen 2,800 464 1,299,200
16,600 $4,274,600
During 2017, the company had the following purchases and sales.
Category Quantity Purchased Cost per Unit Quantity Sold Selling Price per Unit
Portable 14,800 $128 13,800 $174
Midsize 19,100 348 23,900 470
Flat-screen 9,700 580 5,900 696
43,600 43,600
Calculate price index. (Round price index to 4 decimal places,)
Price index =
Compute ending inventory, cost of goods sold, and gross profit. (Round answers to 0 decimal places,)
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, and final answers to 0 decimal places, e.g. 6,548.)
Ending inventory $ =
Cost of goods sold $ =
Gross profit $ =