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 $696,200
Midsize 8300 295 2,448,500
Flat-Screen 3000 472 1,416,000
17200 45607000
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
Calculate price index:
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