Problem 8-08 (Part Level Submission)

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.

Category

Quantity

Purchased

Cost per Unit

Quantity

Sold

Selling Price

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

Collapse question part

(a1)

Calculate price index.