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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hw.7.

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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