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Brians Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, Brian adopted dollar-value LIFO and decided to use a

Brians Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, Brian 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 15,000 $100 $ 1,500,000
Midsize 20,000 250 5,000,000
Flat-screen 7,500 400 3,000,000
42,500 $9,500,000

During 2020, the company had the following purchases and sales.

Category

Quantity Purchased

Cost per Unit

Quantity Sold

Selling Price per Unit

Portable 37,500 $110 35,000 $150
Midsize 50,000 300 60,000 400
Flat-screen 25,000 500 15,000 600
112,500 110,000

Compute ending inventory, cost of goods sold, and gross profit. (Round answers to 0 decimal places, e.g. 6,548.) 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.)

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