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Leons Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Leon adopted dollar-value LIFO and decided to use a

Leons Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Leon 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 5,700 $121 $ 689,700
Midsize 8,400 303 2,545,200
Flat-screen 2,900 484 1,403,600
17,000 $4,638,500

During 2017, the company had the following purchases and sales.

Category

Quantity Purchased

Cost per Unit

Quantity Sold

Selling Price per Unit

Portable 15,000 $133 13,600 $182
Midsize 20,200 363 24,700 490
Flat-screen 10,400 605 5,700 726
45,600 44,000

Calculate price index and Compute ending inventory, cost of goods sold, and gross profit and Assume the company uses three inventory pools instead of one. Compute ending inventory, cost of goods sold, and gross profit.

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