Problem 8-08 (Part Level Submission)

Kenneth's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, Kenneth 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

Portable13,200$100$1,320,000Midsize17,6002504,400,000Flat-screen6,6004002,640,00037,400$8,360,000

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

Category

Quantity

Purchased

Cost per Unit

Quantity

Sold

Selling Price

per Unit

Portable33,000$11030,800$150Midsize44,00030052,800400Flat-screen22,00050013,20060099,00096,800

(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)

Your answer is incorrect.Try again.

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$

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