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:

During 2017, 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).

Transcribed Image Text:

Category Portable Midsize Flat-screen Quantity 6,000 8,000 3,000 17,000 Cost per Unit $100 250 400 Total Cost 5 600,000 2,000,000 1,200,000 $3,800,000 Quantity Quantity Selling Price Category Purchased Cost per Unit Portable Midsize Flat-screen Sold 14,000 24,000 6,000 44,000 per Unit $150 405 600 1nl 15,000 20,000 10,000 45,000 $110 300 500