Question
Morgans Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Morgan adopted dollar-value LIFO and decided to use a
Morgans Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Morgan 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 | $126 | $ 718,200 | |||
Midsize | 7,800 | 315 | 2,457,000 | |||
Flat-screen | 3,000 | 504 | 1,512,000 | |||
16,500 | $4,687,200 |
During 2017, the company had the following purchases and sales.
Category | Quantity Purchased | Cost per Unit | Quantity Sold | Selling Price per Unit | ||||
Portable | 14,600 | $139 | 13,700 | $189 | ||||
Midsize | 20,700 | 378 | 23,800 | 510 | ||||
Flat-screen | 9,700 | 630 | 5,700 | 756 | ||||
45,000 | 43,200 |
1. 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 | $ |
2. Calculate weighted-average cost
Please show all work.
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