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(a2) Compute ending inventory, cost of goods sold, and gross profit. (Round answers to O decimal places, e.g. 6,548.) Ending inventory $ Cost of goods sold Gross profit $ $

(a2) Compute ending inventory, cost of goods sold, and gross profit. (Round answers to O decimal places, e.g. 6,548.) Ending inventory $ Cost of goods sold Gross profit $ $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer part (a2).

James's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, James adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Portable Midsize Flat-screen Category Portable Midsize Flat-screen (a1) Quantity Price index 3,000 (a2) 4,000 1,500 8,500 During 2025, the company had the following purchases and sales. Quantity Purchased Gross profit 7,500 10,000 5,000 22,500 Your answer is correct. eTextbook and Media Cost of goods sold Cost per Unit $100 Ending inventory $ 250 400 LA Cost per Unit $110 300 500 Total Cost $300,000 1.2156 1,000,000 600,000 $1,900,000 Quantity Sold 7,000 Calculate the price index for 2025. (Round price index to 4 decimal places, e.g. 1.4562.) 12,000 3,000 22,000 Selling Price per Unit $150 400 Compute ending inventory, cost of goods sold, and gross profit. (Round answers to O decimal places, e.g. 6,548.) 600 Attempts: 1 of 3 used
Transcribed Image Text:James's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, James adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Portable Midsize Flat-screen Category Portable Midsize Flat-screen (a1) Quantity Price index 3,000 (a2) 4,000 1,500 8,500 During 2025, the company had the following purchases and sales. Quantity Purchased Gross profit 7,500 10,000 5,000 22,500 Your answer is correct. eTextbook and Media Cost of goods sold Cost per Unit $100 Ending inventory $ 250 400 LA Cost per Unit $110 300 500 Total Cost $300,000 1.2156 1,000,000 600,000 $1,900,000 Quantity Sold 7,000 Calculate the price index for 2025. (Round price index to 4 decimal places, e.g. 1.4562.) 12,000 3,000 22,000 Selling Price per Unit $150 400 Compute ending inventory, cost of goods sold, and gross profit. (Round answers to O decimal places, e.g. 6,548.) 600 Attempts: 1 of 3 used
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