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Marco Sun Fun manufactures three categories of bicycles: Mountain, Road, and Hybrid. On January 1, 2018, Marco adopted dollar-value LIFO and decided to use a

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Marco Sun Fun manufactures three categories of bicycles: Mountain, Road, and Hybrid. On January 1, 2018, Marco adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Mountain Road Hybrid Quantity 3,000 2,000 5,000 10,000 Cost per Unit $450 800 250 Total Cost $1,350,000 1,600,000 1,250,000 $4,200,000 During 2018, the company had the following purchases and sales. Quantity C Category Purchased Mountain Road Hybrid ost per Quantity Selling Price Sold 11,000 8,000 12,000 31,000 Unit 10,000 Coc 820 300 per Unit $ 650 1,200 500 $495 9,000 13,000 32,000 Required: Compute ending inventory, cost of goods sold, and gross profit. (Hint: to obtain the balance of ending inventory at current period cost, you need to find the number of units of each category in ending inventory and then use the most recent cost per unit)

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