(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 $ $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fec1fb60e-1595-402e-bee0-21e91d745881%2F38ac3e7e-5fc4-4840-8f2f-893d3cc5b134%2Fttoz6if_processed.jpeg&w=3840&q=75)
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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