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Gary's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, Gary adopted dollar-value LIFO and decided to use a
Gary's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, Gary adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Portable Quantity Cost per Unit Total Cost 18.000 $100 $1,800,000 Midsize 24,000 250 6,000,000 Flat-screen 9,000 400 3,600,000 51,000 $11,400.000 During 2020, the company had the following purchases and sales. Category Quantity Purchased Quantity Selling Price Cost per Unit Sold per Unit Portable 45,000 $110 42,000 $150 Midsize 60,000 300 72,000 400 Flat-screen 30,000 500 18,000 600 135,000 132,000 (a2) Compute ending inventory, cost of goods sold, and gross profit. (Round answers to O decimal places, e.g. 6,548.) Ending inventory $ Cost of goods sold $ Gross profit $ (b) eTextbook and Media Save for Later Last saved 1 hour ago. Attempts: 0 of 5 used Submit Answer 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, eg. 1.45 and final answers to O decimal places, e.g. 6,548.) Ending inventory Cost of goods sold $ Gross profit
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