Current Attempt in ProgressJames's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, Jamesadopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of:Category QuantityPortable3,0004,000MidsizeFlat-screenCategoryPortableMidsizeFlat-screen(a1)1.5008.500During 2020, the company had the following purchases and sales.Price indexCost per Unit$100250400Total Cost$ 300,0001,000,000600,00022,500$1,900,000QuantityPurchased Cost per Unit7,500$1107,00010,000300 12,0005,0005003,00022.000QuantitySoldSelling Priceper Unit$150400600Calculate price index. (Round price index to 4 decimal places, eg. 1.4562.)

The last-in, first-out method is also known as the LIFO method. It is a method in which the goods…

James's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, James adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Quantity Portable 3,000 Midsize 4,000 1.500 Flat-screen Category Portable 8.500 During 2020, the company had the following purchases and sales. Quantity Quantity Sold Purchased Midite Cost per Unit Total Cost $100 $300,000 250 1,000,000 400 600,000 $1,900,000 7.500 10000 Cost per Unit $110 300 7,000 13.000 Selling Price per Unit $150 100

James's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, James adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Quantity Portable 3,000 Midsize 4,000 1.500 Flat-screen Category Portable 8.500 During 2020, the company had the following purchases and sales. Quantity Quantity Sold Purchased Midite Cost per Unit Total Cost $100 $300,000 250 1,000,000 400 600,000 $1,900,000 7.500 10000 Cost per Unit $110 300 7,000 13.000 Selling Price per Unit $150 100

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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