Question 3: Jason Co. manufactures three categories of bicycles: Mountain, Road, and Hybrid. On January 1,...

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Question 3: Jason Co. manufactures three categories of bicycles: Mountain, Road, and Hybrid. On January 1, Year 1, Jason Co. adopted dollar - value LIFO and decided to use a Single inventory pool. The company's January 1 inventory consists of: Category Mountain 3,000 Quantity Cost per Unit Total Cost $450 Road 2,000 800 Hybrid 5,000 250 10,000 $1,20 $1,350,000 1,600,000 1,250,000 $1,200,000 During Year 1, the company had the following purchases and sales. Category Quantity Purchased Mountain 12,000 Road 9,000 Hybrid 13,000 34,000 Cost per Unit Quantity Sold Selling Price/U $495 11,000 $650 820 7,000 1,200 300 12,000 500 30,000 Required: Compute ending inventory, cost of goods sold, and gross profit. (Hint: to Obtain the balance of ending inventory at current period cost, you need to find the Number of units of each category in ending inventory and then use the most recent Cost per unit). Question 3: Jason Co. manufactures three categories of bicycles: Mountain, Road, and Hybrid. On January 1, Year 1, Jason Co. adopted dollar - value LIFO and decided to use a Single inventory pool. The company's January 1 inventory consists of: Category Mountain 3,000 Quantity Cost per Unit Total Cost $450 Road 2,000 800 Hybrid 5,000 250 10,000 $1,20 $1,350,000 1,600,000 1,250,000 $1,200,000 During Year 1, the company had the following purchases and sales. Category Quantity Purchased Mountain 12,000 Road 9,000 Hybrid 13,000 34,000 Cost per Unit Quantity Sold Selling Price/U $495 11,000 $650 820 7,000 1,200 300 12,000 500 30,000 Required: Compute ending inventory, cost of goods sold, and gross profit. (Hint: to Obtain the balance of ending inventory at current period cost, you need to find the Number of units of each category in ending inventory and then use the most recent Cost per unit).