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

Portable 7,200 $100 $ 720,000

Midsize 9,600 250 2,400,000

Flat-screen 3,600 400 1,440,000

20,400 $4,560,000

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

Category Quantity Purchased Cost per Unit Quantity Sold Selling Price per Unit

Portable 18,000 $110 16,800 $150

Midsize 24,000 300 28,800 400

Flat-screen 12,000 500 7,200 600

54,000 52,800

(a1)

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

Price index 1.2156

(a2)

Compute ending inventory, cost of goods sold, and gross profit. (Round answers to 0 decimal places, e.g. 6,548.)

Ending inventory $5,581,104

Cost of goods sold $14,158,896

Gross profit $4,201,104

(b)

Assume the company uses three inventory pools instead of one. Compute ending inventory, cost of goods sold, and gross profit. (Round price index to 2 decimal places, e.g. 1.45 and final answers to 0 decimal places, e.g. 6,548.)

Ending inventory

$

Cost of goods sold

$

Gross profit

$