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Problem - John's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, John adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of:
Category
Quantity
Cost per Unit
Total Cost
Portable
5,900
$112
$ 660,800
Midsize
8,200
280
2,296,000
Flat-screen
2,800
448
1,254,400
16,900
$4,211,200
During 2017, the company had the following purchases and sales.
Quantity Purchased
Quantity Sold
Selling Price per Unit
15,300
$123
14,000
$168
20,900
336
24,100
454
9,800
560
672
46,000
44,000
Calculate price index.
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