Reference no: EM132854221

Question - George's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2020, George 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 12,600 $100 $1,260,000

Midsize 16,800 250 4,200,000

Flat-screen 6,300 400 2,520,000

35,700 $7,980,000

During 2020, the company had the following purchases and sales.

Category Quantity Purchased Cost per Unit Quantity Sold Selling Price per Unit

Portable 31,500 $110 29,400 $150

Midsize 42,000 300 50,400 400

Flat-screen 21,000 500 12,600 600

94,500 92,400

Assume the company uses three inventory pools instead of one. Compute ending inventory, cost of goods sold, and gross profit.