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:CategoryPortableMidsizeFlat-screenCategoryPortableMidsizeQuantity Cost per Unit$100Flat-screen3,0004,0001,5008,500QuantityPurchased7,500During 2025, the company had the following purchases and sales.10,0005,00025022,500400Cost per Unit$110300Total Cost500$300,0001,000,000600,000$1,900,000QuantitySold7,00012,0003,00022,000Selling Priceper Unit$150400600 Assume the company uses three inventory pools instead of one. Compute ending inventory, cost of goods sold, and gross profit.(Round price index to 2 decimal places, e.g. 1.45 and final answers to O decimal places, e.g. 6,548.)Ending inventoryCost of goods soldGross profit$LA$$

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, 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 Quantity Flat-screen 3,000 4,000 1,500 8,500 Quantity Purchased 7,500 10,000 5,000 Cost per Unit During 2025, the company had the following purchases and sales. 22,500 $100 250 400 Cost per Unit $110 300 Total Cost 500 $300,000 1,000,000 600,000 $1,900,000 Quantity Sold 7,000 12,000 3,000 22,000 Selling Price per Unit $150 400 600

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 Quantity Flat-screen 3,000 4,000 1,500 8,500 Quantity Purchased 7,500 10,000 5,000 Cost per Unit During 2025, the company had the following purchases and sales. 22,500 $100 250 400 Cost per Unit $110 300 Total Cost 500 $300,000 1,000,000 600,000 $1,900,000 Quantity Sold 7,000 12,000 3,000 22,000 Selling Price per Unit $150 400 600

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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