Dollar-Value LIFO Norman?s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2010, Norman adopted dollar-value LIFO and decided to use a single inventory pool. The company?s January 1 inventory consists of. During 2010, the company had the following purchases and sales. 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).

Cost per Unit Total Cost Category Quantity $ 600,000 6,000 8,000 3,000 $100 Portable Midsize 250 2,000,000 Flat-screen 400 1,200,000 $3,800,000 17,000 Quantity Quantity Sold Selling Price Category Purchased Cost per Unit per Unit $110 $150 Portable 15,000 14,000 Midsize 20,000 300 24,000 405 Flat-screen 10,000 500 6,000 600 45,000 44,000