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Thomas Sun Fun manufactures three categories of bicylces: Mountain, Road, and Hybrid. On January 1, 2025, Thomas adopted dollar- value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of:

Thomas Sun Fun manufactures three categories of bicylces: Mountain, Road, and Hybrid. On January 1, 2025, Thomas adopted dollar- value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of:

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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Please provide answer in text (Without image), please provide answer for both part
Thomas Sun Fun manufactures three categories of bicylces: Mountain, Road, and Hybrid. On January 1, 2025, Thomas adopted dollar- value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Quantity Mountain 3,000 Road Hybrid. Road Hybrid. Quantity Category Purchased Mountain. (a1) 2,000 5,000 Price index (a2) 10,000 During 2025, the company had the following purchases and sales: 10,000 9,000 13,000 Gross profit 32,000 Your answer is correct. * Your answer is incorrect. Ending inventory Cost per Unit $536 Cost of goods sold $ 952 $ 298 Cost per Unit $589 976 357 $ Total Cost $1,608,000 1.0931 1,904,000 1,490,000 $5,002,000 Calculate price index. (Round answer to 4 decimal places, e.g. 1.4562.) Quantity Sold 11,000 8,000 12,000 31,000 Compute ending inventory, cost of goods sold, and gross profit. (Round answers to 0 decimal places, e.g. 6,548.) 5799000 Selling Price per Unit 18518000 $774 8560000 1,428 595
Transcribed Image Text:Thomas Sun Fun manufactures three categories of bicylces: Mountain, Road, and Hybrid. On January 1, 2025, Thomas adopted dollar- value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Quantity Mountain 3,000 Road Hybrid. Road Hybrid. Quantity Category Purchased Mountain. (a1) 2,000 5,000 Price index (a2) 10,000 During 2025, the company had the following purchases and sales: 10,000 9,000 13,000 Gross profit 32,000 Your answer is correct. * Your answer is incorrect. Ending inventory Cost per Unit $536 Cost of goods sold $ 952 $ 298 Cost per Unit $589 976 357 $ Total Cost $1,608,000 1.0931 1,904,000 1,490,000 $5,002,000 Calculate price index. (Round answer to 4 decimal places, e.g. 1.4562.) Quantity Sold 11,000 8,000 12,000 31,000 Compute ending inventory, cost of goods sold, and gross profit. (Round answers to 0 decimal places, e.g. 6,548.) 5799000 Selling Price per Unit 18518000 $774 8560000 1,428 595
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