Norman’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, Norman adopted dollar value LIFO and decided to use a single inventory pool. The company’s January 1 inventory consists of:

During 2025, 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 $ 600,000 2,000,000 1,200,000 $3,800,000