Problem 8-8 (Part Level Submission) Category Quantity Cost per Unit Total Cost C
ID: 2568838 • Letter: P
Question
Problem 8-8 (Part Level Submission)
Category
Quantity
Cost per Unit
Total Cost
Category
Quantity
Purchased
Cost per Unit
Quantity
Sold
Selling Price
per Unit
(a2)
Compute ending inventory, cost of goods sold, and gross profit. (Round answers to 0 decimal places, e.g. 6,548.)
Problem 8-8 (Part Level Submission)
Morgan’s Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2017, Morgan 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 6,200 $124 $ 768,800 Midsize 7,900 310 2,449,000 Flat-screen 3,100 496 1,537,600 17,200 $4,755,400During 2017, the company had the following purchases and sales.
Category
Quantity
Purchased
Cost per Unit
Quantity
Sold
Selling Price
per Unit
Explanation / Answer
Ending Inventory
Portable
Mid size
Flat Screen
Total
Qty
Cost/Unit
Total
Qty
Cost/Unit
Total
Qty
Cost/Unit
Total
800
136
108800
4600
310
1426000
3500
620
2170000
6200
124
768800
3100
496
1537600
877600
1426000
3707600
6011200
Particulars
Portable
Mid size
Flat Screen
Qty
Cost/Unit
Total
Qty
Cost/Unit
Total
Qty
Cost/Unit
Total
Beginning Inventory
6200
124
768800
7900
310
2449000
3100
496
1537600
Purchases
15200
136
2067200
19900
372
7402800
9700
620
6014000
Cost of Goods sold under LIFO
14400
136
1958400
19900
372
7402800
6200
620
3844000
3300
310
1023000
Total Cost of Goods Sold
Particulars
Qty
Cost/Unit
Total
Portable
14400
136
1958400
Mid Size
19900
372
7402800
3300
310
1023000
Flat Screen
6200
620
3844000
Total Cost of Goods Sold
14228200
Gross Profit
Particulars
Qty
Cost/Unit
Total
Portable
14400
186
2678400
Mid Size
23200
502
11646400
Flat Screen
6200
744
4612800
Total Sales
18937600
Less: Total Cost of Goods Sold
14228200
Gross Profit
4709400
Ending Inventory
Portable
Mid size
Flat Screen
Total
Qty
Cost/Unit
Total
Qty
Cost/Unit
Total
Qty
Cost/Unit
Total
800
136
108800
4600
310
1426000
3500
620
2170000
6200
124
768800
3100
496
1537600
877600
1426000
3707600
6011200