Michael's Televisions produces television sets in three categories: portable, midsize, and flat

$-$

screen. On January

$1$

$,$

$2$

$0$

$2$

$5$

$,$

$$Michael

adopted dollar

$-$

value LIFO and decided to use a single inventory pool. The company's January

$1$

$$inventory consists of:

During

$2$

$0$

$2$

$5$

$,$

$$the company had the following purchases and sales.

$($

a

$1$

$)$

Calculate the price index for

$2$

$0$

$2$

$5$

$.$

$($

Round price index to

$4$

$$decimal places, e

$.$

g

$.$

$1$

$.$

$4$

$5$

$6$

$2$

$.$

$)$

Price index $=1\mathrm{.}2155$

eTextbook and Media

Attempts:

$0$

$$of

$5$

$$used

$($

a

$2$

$)$

Compute ending imventory, cost of goods sold, and gross profit.

$($

Round answers to

$0$

$$decimal places, e

$.$

g

$.$

$6$

$,$

$5$

$4$

$8$

$.$

$)$

Ending inventory $

Cost of goods sold $

Gross profit $

eTextbook and Media

Attempts:

$0$

$$of

$5$

$$used

$($

b

$)$

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

$($

Round price index to

$2$

$$decimal places, es

$.$

$1$

$.$

$4$

$5$

$$and final answers to

$0$

$$decimal places, e

$.$

g

$.$

$6$

$,$

$5$

$4$

$8$

$.$

$)$

Ending inventory $

Cost of goods sold $

Gross profit $

eTextbook and Media

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