Compute ending inventory, cost of goods sold, and gross profit. (Round answers to O decimal places, e.g. 6,548.)Ending inventoryCost of goods soldGross profitGAtA$LA please use single inventory pool dollar valueLIFO method price index is 1.2156Robert's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, Robertadopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of:Category Quantity Cost per UnitPortable$100MidsizeFlat-screenCategoryPortableMidsize4,200Flat-screen5,6002,10011,900During 2020, the company had the following purchases and sales.10,50014,0002507,00040031,500Total Cost$420,000QuantityPurchased Cost per Unit1,400,000840,000$2,660,000$110300500QuantitySold9,80016,8004,20030,800Selling Priceper Unit$150400600

Answered: Compute ending inventory, cost of goods…

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 LA $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit. Overhead expenses depend upon the nature of the business operations.

Question

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
GA
tA
$
LA

please use single inventory pool dollar value
LIFO method price index is 1.2156
Robert's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, Robert
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
Portable
$100
Midsize
Flat-screen
Category
Portable
Midsize
4,200
Flat-screen
5,600
2,100
11,900
During 2020, the company had the following purchases and sales.
10,500
14,000
250
7,000
400
31,500
Total Cost
$420,000
Quantity
Purchased Cost per Unit
1,400,000
840,000
$2,660,000
$110
300
500
Quantity
Sold
9,800
16,800
4,200
30,800
Selling Price
per Unit
$150
400
600

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