Norman?s Televisions produces television sets in three categories: portable, midsize, and fl at-screen. On January 1, 2020, Norman adopted dollar-value LIFO and decided to use a single inventory pool. The company?s January 1 inventory consists of:

During 2020, 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:

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