Problem 8-08 Anthony’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January...

Problem 8-08

Anthony’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, Anthony 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	15,600	$100	$ 1,560,000
Midsize	20,800	250	5,200,000
Flat-screen	7,800	400	3,120,000
	44,200		$9,880,000

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

Category	Quantity Purchased	Cost per Unit	Quantity Sold	Selling Price per Unit
Portable	39,000	$110	36,400	$150
Midsize	52,000	300	62,400	400
Flat-screen	26,000	500	15,600	600
	117,000		114,400

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

Price index

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		$

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		$

Expert Solution

Answer is shown in the images attached. Kindly refer to them.

ekkarill92 answered 1 year ago

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