Determine ending inventory and cost of goods sold

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Question

January 1 inventory consists of: Category: Quantitiy: Cost Per Unit: Total Cost:

Portable $16,800 $100 $1,680,000

Midsize $22,400 $250 $5,600,000

Flat-Screen $8,400 $400 $3,360,000

TOTAL: $47,600 $10,640,000

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

Category: Quantity Purchased: Cost Per Unit: Quantity Sold: Selling Price Per Unit:

Portable $42,000 $110 $39,200 $150

Midsize $56,000 $300 $67,200 $400

Flat-Screen $28,000 $500 $16,800 $600

TOTAL $126,000 $123,200

Calculate price index.

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

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

Reference no: EM132329152

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