Problem 8-8 (Part Level Submission)

Chriss Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Chris 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		5,900		$134		$ 790,600
Midsize		8,200		335		2,747,000
Flat-screen		2,900		536		1,554,400
		17,000				$5,092,000

During 2017, the company had the following purchases and sales.

Category		Quantity Purchased		Cost per Unit		Quantity Sold		Selling Price per Unit
Portable		15,300		$147		14,000		$201
Midsize		20,800		402		23,000		543
Flat-screen		9,800		670		5,900		804
		45,900				42,900

solve for:

1. Compute ending inventory, cost of goods sold, and gross profit.

2. Assume the company uses three inventory pools instead of one. Compute ending inventory, cost of goods sold, and gross profit.