Problem 8-08 (Part Level Submission)

Brians 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 companys 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

(a1) Calculate price index. (Round price index to 4 decimal places, e.g. 1.4562.) Price index