On January 1, 2014, Marco adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of:

During 2014, the company had the following purchases and sales.

 

Required:

Compute ending inventory, cost of goods sold, and gross profit.

Transcribed Image Text:

Category Quantity 3,000 Cost per Unit $450 Total Cost Mountain $1,350,000 Road 2,000 800 1,600,000 Hybrid 5,000 250 1,250,000 10,000 $4,200,000 Category Quantity 3,000 Cost per Unit $450 Total Cost Mountain $1,350,000 Road 2,000 800 1,600,000 Hybrid 5,000 250 1,250,000 10,000 $4,200,000

Answer rating: 100% (QA)

Mountain Opening Inventory 3000 units 450 per unit 1350000 Ending Inventory ... View the full answer