Business, 02.03.2020 20:51 RavenousLlama
Thomas’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, Thomas 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 9,000 $100 $ 900,000
Midsize 12,000 250 3,000,000
Flat-screen 4,500 400 1,800,000
25,500 $5,700,000
During 2020, the company had the following purchases and sales.
Category
Quantity
Purchased
Cost per Unit
Quantity
Sold
Selling Price
per Unit
Portable 22,500 $110 21,000 $150
Midsize 30,000 300 36,000 400
Flat-screen 15,000 500 9,000 600
67,500 66,000
a. Calculate price index. (Round price index to 4 decimal places, e. g. 1.4562.)
b. Compute ending inventory, cost of goods sold, and gross profit. (Round answers to 0 decimal places, e. g. 6,548.)
c. Assume the company uses three inventory pools instead of one. Compute ending inventory, cost of goods sold, and gross profit. (Round price index to 2 decimal places, e. g. 1.45 and final answers to 0 decimal places, e. g. 6,548.)
Answers: 1
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