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Need help finding the answers to part B. I have read all similar questions and each posted process is incorrect. I'm at a loss. Brian's
Need help finding the answers to part B. I have read all similar questions and each posted process is incorrect. I'm at a loss.
Brian's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, Brian adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Quantity Cost per Unit Total Cost Portable 15,000 $100 $ 1,500,000 Midsize 20,000 250 5,000,000 Flat-screen 7,500 400 3,000,000 42,500 $9,500,000 During 2020, the company had the following purchases and sales. Selling Price Quantity Purchased Quantity Sold Category Cost per Unit per Unit Portable 37,500 $110 35,000 $150 Midsize 50,000 300 60,000 400 Flat-screen 25,000 500 15,000 600 112,500 110,000 (21) Your answer is correct. Calculate price index. (Round price index to 4 decimal places, e.g. 1.4562.) Price index 1.2156 e Textbook and Media Attempts: 1 of 5 used (a2) Your answer is correct. Compute ending inventory, cost of goods sold, and gross profit. (Round answers to decimal places, e.g. 6,548.) Ending inventory $ 11627300 Cost of goods sold $ 29497700 Gross profit $ 8752300 (b) ) Your answer is incorrect. 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, e.g. 1.45 and final answers to O decimal places, e.g. 6,548.) Ending inventory $ Cost of goods sold $ $ Gross profit $Step by Step Solution
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