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Kevin's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, Kevin adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Quantity Portable 16,200 Midsize 21,600 Flat-screen Category Portable Midsize Flat-screen During 2025, the company had the following purchases and sales. 8,100 45,900 Quantity Purchased Ending inventory Gross profit 40,500 54,000 27,000 121,500 Cost per Unit $100 250 400 x Your answer is incorrect. Cost of goods sold Cost per Unit $110 300 Total Cost $1,620,000 5,400,000 3,240,000 $10,260,000 500 Quantity Sold 37,800 64,800 16.200 118,800 Compute ending inventory, cost of goods sold, and gross profit. (Round answers to 0 decimal places, eg. 6,548.) 48,600 7,514,640 32,175,360 Selling Price per Unit $150 400 600

Kevin's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, Kevin adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Quantity Portable 16,200 Midsize 21,600 Flat-screen Category Portable Midsize Flat-screen During 2025, the company had the following purchases and sales. 8,100 45,900 Quantity Purchased Ending inventory Gross profit 40,500 54,000 27,000 121,500 Cost per Unit $100 250 400 x Your answer is incorrect. Cost of goods sold Cost per Unit $110 300 Total Cost $1,620,000 5,400,000 3,240,000 $10,260,000 500 Quantity Sold 37,800 64,800 16.200 118,800 Compute ending inventory, cost of goods sold, and gross profit. (Round answers to 0 decimal places, eg. 6,548.) 48,600 7,514,640 32,175,360 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
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Kevin's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, Kevin adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Quantity Portable 16,200 Midsize 21,600 Flat-screen 8,100 45,900 Category Portable Midsize Flat-screen During 2025, the company had the following purchases and sales. Quantity Purchased 40,500 54,000 27,000 121,500 Ending inventory Show Transcribed Text Gross profit * Your answer is incorrect. Cost per Unit $100 250 Cost of goods sold LA 400 Cost per Unit $110 SA 300 Total Cost $1,620,000 5,400,000 3,240,000 $10,260,000 500 Quantity Sold 37,800 64,800 16,200 118,800 Compute ending inventory, cost of goods sold, and gross profit. (Round answers to 0 decimal places, eg. 6,548.) 48,600 32,175,360 Selling Price per Unit 7,514,640 $150 400 600
Transcribed Image Text:Kevin's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, Kevin adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Quantity Portable 16,200 Midsize 21,600 Flat-screen 8,100 45,900 Category Portable Midsize Flat-screen During 2025, the company had the following purchases and sales. Quantity Purchased 40,500 54,000 27,000 121,500 Ending inventory Show Transcribed Text Gross profit * Your answer is incorrect. Cost per Unit $100 250 Cost of goods sold LA 400 Cost per Unit $110 SA 300 Total Cost $1,620,000 5,400,000 3,240,000 $10,260,000 500 Quantity Sold 37,800 64,800 16,200 118,800 Compute ending inventory, cost of goods sold, and gross profit. (Round answers to 0 decimal places, eg. 6,548.) 48,600 32,175,360 Selling Price per Unit 7,514,640 $150 400 600
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