James's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, Jamesadopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of:CategoryPortable3,0003Midsize4,000Flat-screen1,5008,500CategoryPortableMidsizeFlat-screen(a1)Quantity Cost per Unit$100Price indexDuring 2025, the company had the following purchases and sales.(a2)QuantityPurchased7,50010,0005,000Your answer is correct.22,500eTextbook and MediaEnding inventoryGross profitX Your answer is incorrect.250$Cost of goods sold $400Cost per Unit$110LA300500Total Cost$300,0001.21561,000,000$1,900,000Calculate the price index for 2025. (Round price index to 4 decimal places, e.g. 1.4562.)600,000QuantitySold245500057700007,000188000012,0003,000Compute ending inventory, cost of goods sold, and gross profit. (Round answers to O decimal places, e.g. 6,548.)22,000Selling Priceper Unit$150400600Attempts: 1 of 3 used

The question is based on the concept of Cost Accounting. The last-in-first-out method is also known…

James's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, Jan 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 Quantity 3,000 4,000 1,500 8,500 Cost per Unit $100 250 400 Total Cost $300,000 1,000,000 600,000 $1,900,000 During 2025, the company had the following purchases and sales.

James's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, Jan 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 Quantity 3,000 4,000 1,500 8,500 Cost per Unit $100 250 400 Total Cost $300,000 1,000,000 600,000 $1,900,000 During 2025, the company had the following purchases and sales.

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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