P8-8 (LO4) (Dollar-Value LIFO) Norman's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Norman adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of Category untity Cost per Unit Total Cost $ 600,000 2,000,000 1,200,000 $3,800,000 Portable Midsize Flat-screen 6,000 8,000 3,000 17,000 $100 250 400 During 2017, the company had the following purchases and sales Quantity QuantitySelling Price CategoryPurchased Portable Midsize Flat-screen 15,000 20,000 10,000 45,000 Cost per Unit $110 300 500 Sold 14,000 24,000 6,000 44,000 per Unit $150 405 600 Instructions (Round to four decimals.) (a) Compute ending inventory, cost of goods sold, and gross profit. (b) Assume the company uses three inventory pools instead of one. Repeat instruction (a)