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

Davids Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, David 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 6,600 $100 $ 660,000
Midsize 8,800 250 2,200,000
Flat-screen 3,300 400 1,320,000
18,700 $4,180,000

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

Category

Quantity Purchased

Cost per Unit

Quantity Sold

Selling Price per Unit

Portable 16,500 $110 15,400 $150
Midsize 22,000 300 26,400 400
Flat-screen 11,000 500 6,600 600
49,500 48,400

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

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 2 decimal places, e.g. 1.45 and final answers to 0 decimal places, e.g. 6,548.)

Ending inventory

$

Cost of goods sold

$

Gross profit

$vvv

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