Problem 8-08 (Part Level Submission) Richards Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, Richard 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 | | 7,200 | | $100 | | $ 720,000 | Midsize | | 9,600 | | 250 | | 2,400,000 | Flat-screen | | 3,600 | | 400 | | 1,440,000 | | | 20,400 | | | | $4,560,000 | During 2020, the company had the following purchases and sales. Category | | Quantity Purchased | | Cost per Unit | | Quantity Sold | | Selling Price per Unit | Portable | | 18,000 | | $110 | | 16,800 | | $150 | Midsize | | 24,000 | | 300 | | 28,800 | | 400 | Flat-screen | | 12,000 | | 500 | | 7,200 | | 600 | | | 54,000 | | | | 52,800 | | | |