Question
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 5900 $ 118 $ 696200
Midsize 8300 295 2448500
Flat Screen 3000 472 1416000
17200 $4560700
During 2017, the company had the following purchases and sales:
Category Quantity Purchased Cost Per Unit Quantity Sold Selling Price Per Unit
Portable 14600 $130 13700 $177
Midsize 20700 354 23500 478
Flat-Screen 10000 590 5900 708
45300 43100
Price Index: 1.2154
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:
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
11th Edition
111856667X, 978-1118566671
