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Steves Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Steve adopted dollar-value LIFO and decided to use a
Steves Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Steve 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 | 6,000 | $119 | $ 714,000 | |||
Midsize | 7,700 | 298 | 2,294,600 | |||
Flat-screen | 2,900 | 476 | 1,380,400 | |||
16,600 | $4,389,000 |
During 2017, the company had the following purchases and sales.
Category | Quantity Purchased | Cost per Unit | Quantity Sold | Selling Price per Unit | ||||
Portable | 15,200 | $131 | 13,700 | $179 | ||||
Midsize | 20,300 | 357 | 23,800 | 482 | ||||
Flat-screen | 10,100 | 595 | 6,000 | 714 | ||||
45,600 |
| 43,500
|
Calculate The Price Index.
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