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P8-8 (L04) (Dollar-Value LIFO) Norman's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Norman 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 During 2017, the company had the following purchases and sales. Category Quantity 6,000 8,000 3,000 17,000 Portable Midsize Flat-screen Quantity Purchased 15,000 20,000 10,000 45,000 Cost per Unit $100 250 400 Cost per Unit $110 300 500 Quantity Sold 14,000 24,000 6,000 44,000 Total Cost $ 600,000 2,000,000 1,200,000 $3,800,000 Selling Price per Unit Instructions (Round to four decimals.) (a) Compute ending inventory, cost of goods sold, and gross profit. (b) Assume the company uses three inventory pools instead of one. Repeat instruction (a). $150 405 600

P8-8 (L04) (Dollar-Value LIFO) Norman's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Norman 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 During 2017, the company had the following purchases and sales. Category Quantity 6,000 8,000 3,000 17,000 Portable Midsize Flat-screen Quantity Purchased 15,000 20,000 10,000 45,000 Cost per Unit $100 250 400 Cost per Unit $110 300 500 Quantity Sold 14,000 24,000 6,000 44,000 Total Cost $ 600,000 2,000,000 1,200,000 $3,800,000 Selling Price per Unit Instructions (Round to four decimals.) (a) Compute ending inventory, cost of goods sold, and gross profit. (b) Assume the company uses three inventory pools instead of one. Repeat instruction (a). $150 405 600

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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P8-8 (L04) (Dollar-Value LIFO) Norman's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Norman 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 Instructions (Round to four decimals.) During 2017, the company had the following purchases and sales. Category Quantity 6,000 8,000 3,000 17,000 Portable Midsize Flat-screen Quantity Purchased 15,000 20,000 10,000 45,000 Cost per Unit $100 250 400 Cost per Unit $110 300 500 Quantity Sold 14,000 24,000 6,000 44,000 Total Cost $ 600,000 2,000,000 1,200,000 $3,800,000 Selling Price per Unit (a) Compute ending inventory, cost of goods sold, and gross profit. (b) Assume the company uses three inventory pools instead of one. Repeat instruction (a). $150 405 600
Transcribed Image Text:P8-8 (L04) (Dollar-Value LIFO) Norman's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Norman 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 Instructions (Round to four decimals.) During 2017, the company had the following purchases and sales. Category Quantity 6,000 8,000 3,000 17,000 Portable Midsize Flat-screen Quantity Purchased 15,000 20,000 10,000 45,000 Cost per Unit $100 250 400 Cost per Unit $110 300 500 Quantity Sold 14,000 24,000 6,000 44,000 Total Cost $ 600,000 2,000,000 1,200,000 $3,800,000 Selling Price per Unit (a) Compute ending inventory, cost of goods sold, and gross profit. (b) Assume the company uses three inventory pools instead of one. Repeat instruction (a). $150 405 600
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