Reference no: EM132329152
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.
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