Normans Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2012, Norman

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Norman’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2012, Norman adopted dollar-value LIFO and decided to use a single inventory pool. The company’s January 1 inventory consists of:

During 2012, the company had the following purchases and sales.

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).

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Related Book For  book-img-for-question

Intermediate Accounting

ISBN: 978-0470587287

14th Edition

Authors: kieso, weygandt and warfield.

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