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Normans Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1,...

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Accounting

Normans Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2014, Norman adopted dollar-value LIFO and decided to use a single inventory pool. The companys January 1 inventory consists of:

Category

Quantity

Cost per Unit

Total Cost

Portable

6,700

$140

$ 938,000

Midsize

9,000

350

3,150,000

Flat-screen

3,500

560

1,960,000

19,200

$6,048,000

During 2014, the company had the following purchases and sales.

Category

Quantity Purchased

Cost per Unit

Quantity Sold

Selling Price per Unit

Portable

16,100

$154

14,600

$210

Midsize

21,900

420

26,000

567

Flat-screen

10,100

700

6,700

840

48,100

47,300

Compute ending inventory, cost of goods sold, and gross profit. (Round answers to 0 decimal places, e.g. 6,548.)

Ending inventory

$

Cost of goods sold

$

Gross profit

$

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