Adams’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017,...

Adams’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Adams 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 6,300 $125 $ 787,500 Midsize 7,700 313 2,410,100 Flat-screen 2,900 500 1,450,000 16,900 $4,647,600 During 2017, the company had the following purchases and sales. Category Quantity Purchased Cost per Unit Quantity Sold Selling Price per Unit Portable 14,400 $138 13,800 $188 Midsize 20,100 375 23,300 506 Flat-screen 10,100 625 6,300 750 44,600 43,400

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

Expert Solution

In LIFO (Last in first out method), Inventory acquired later will be sold first. Thus LIFO assigns the cost of newer inventory to cost of goods sold and cost of older inventory to ending inventory account.

ekkarill92 answered 1 year ago

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