Problem 8-08 (Part Level Submission)

Kenneths 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 companys January 1 inventory consists of:

Category		Quantity		Cost per Unit		Total Cost
Portable		13,200		$100		$ 1,320,000
Midsize		17,600		250		4,400,000
Flat-screen		6,600		400		2,640,000
		37,400				$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
Portable		33,000		$110		30,800		$150
Midsize		44,000		300		52,800		400
Flat-screen		22,000		500		13,200		600
		99,000				96,800

(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)

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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(b) The parts of this question must be completed in order. This part will be available when you complete the part above.