Problem:
Norman's Televisions produces television sets in 3 categories: portable, midsize , and flat-screen. On Jan 1, 2010, Norman adopted dollar value LIFO and decided to use a single inventory pool. Jan 1 inventory is:
Category Quantity cost per Unit Total Cost
Portable 6,000 100 600,000
Midsize 8,000 250 2,000,000
Flat screen 3000 400 1,200,000
The During 2010 the company had the following purchases and sales
Quant sold selling $
Portable 15,000 110 14,000 150
Midsize 20,000 300 24,000 405
Flat screen 10,000 500 6,000 600
Compute ending inventory, cost of goods sold and gross profit using single inventory, then using three inventory pools.. Using dollar value LIFO.