Problem 8-08 (Part Level Submission)

Johns Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, John 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		3,600		$100		$ 360,000
Midsize		4,800		250		1,200,000
Flat-screen		1,800		400		720,000
		10,200				$2,280,000

During 2020, the company had the following purchases and sales.

Category		Quantity Purchased		Cost per Unit		Quantity Sold		Selling Price per Unit
Portable		9,000		$110		8,400		$150
Midsize		12,000		300		14,400		400
Flat-screen		6,000		500		3,600		600
		27,000				26,400

(a1)

	Your answer is correct.

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

Price index

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(a2)

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		$