Homework Help is Here – Start Your Trial Now!
Business
Accounting
Chris's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, Chris adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Quantity Portable Midsize Flat-screen Category Portable Midsize 9,600 Flat-screen 12,800 4,800 27,200 Quantity Purchased 24,000 During 2025, the company had the following purchases and sales. 32,000 16,000 Cost per Unit $100 72,000 250 400 Cost per Unit $110 300 Total Cost 500 $960,000 3,200,000 1,920,000 $6,080,000 Quantity Sold 22,400 38,400 9,600 70,400 Selling Price per Unit $150 400 600

Chris's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, Chris adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Quantity Portable Midsize Flat-screen Category Portable Midsize 9,600 Flat-screen 12,800 4,800 27,200 Quantity Purchased 24,000 During 2025, the company had the following purchases and sales. 32,000 16,000 Cost per Unit $100 72,000 250 400 Cost per Unit $110 300 Total Cost 500 $960,000 3,200,000 1,920,000 $6,080,000 Quantity Sold 22,400 38,400 9,600 70,400 Selling Price per Unit $150 400 600

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please help me. 

Thankyou. 

Current Attempt in Progress Chris's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, Chris 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 Quantity Cost per Unit $100 Flat-screen 9,600 12,800 4,800 27,200 Quantity Purchased During 2025, the company had the following purchases and sales. 24,000 32,000 16,000 250 72,000 400 Cost per Unit $110 300 Total Cost 500 $960,000 3,200,000 1,920,000 $6,080,000 Quantity Sold 22,400 38,400 9,600 70,400 Selling Price per Unit $150 400 600
Transcribed Image Text:Current Attempt in Progress Chris's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, Chris 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 Quantity Cost per Unit $100 Flat-screen 9,600 12,800 4,800 27,200 Quantity Purchased During 2025, the company had the following purchases and sales. 24,000 32,000 16,000 250 72,000 400 Cost per Unit $110 300 Total Cost 500 $960,000 3,200,000 1,920,000 $6,080,000 Quantity Sold 22,400 38,400 9,600 70,400 Selling Price per Unit $150 400 600
(b) * Your answer is incorrect. 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 O decimal places, e.g. 6,548.) Ending inventory Cost of goods sold Gross profit $ Save for Later $ $ eTextbook and Media 7,680,000 18,640,000 5,840,000 Attempts: 1 of 3 used Submit Answer
Transcribed Image Text:(b) * Your answer is incorrect. 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 O decimal places, e.g. 6,548.) Ending inventory Cost of goods sold Gross profit $ Save for Later $ $ eTextbook and Media 7,680,000 18,640,000 5,840,000 Attempts: 1 of 3 used Submit Answer
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS