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Calculate the price index: Paul Sun Fun manufactures three categories of bicylces: Mountain, Road, and Hybrid. On January 1, 2017, Paul adopted dollar-value LIFO and
Calculate the price index:
Paul Sun Fun manufactures three categories of bicylces: Mountain, Road, and Hybrid. On January 1, 2017, Paul 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 Mountain 3,000 $ 549 $ 1,647,000 Road 2,000 976 1,952,000 Hybrid 5,000 305 1,525,000 10,000 $5,124,000 During 2017, the company had the following purchases and sales. Quantity Purchased Category Selling Price per Unit Quantity Sold Cost per Unit Mountain 10,000 $ 604 11,000 $793 Road 9,000 1,000 8,000 1,464 Hybrid 13,000 366 12,000 610 32,000 31,000Step by Step Solution
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