Company A's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1,...
Company A's Televisions produces television sets in three
categories: portable, midsize, and flat-screen. On January 1, 2017,
Company A 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 | 5,800 | $120 | $ 696,000 | |||
| Midsize | 8,100 | 300 | 2,430,000 | |||
| Flat-screen | 3,200 | 480 | 1,536,000 | |||
| 17,100 | $4,662,000 |
During 2017, the company had the following purchases and
sales.
|
Category |
Quantity |
Cost per Unit |
Quantity |
Selling Price |
||||
| Portable | 14,800 | $132 | 13,400 | $180 | ||||
| Midsize | 19,100 | 360 | 24,300 | 486 | ||||
| Flat-screen | 10,400 | 600 | 5,800 | 720 | ||||
| 44,300 | 43,500 |
a) Calculate price index. (Round price index to 4 decimal places, e.g. 1.4562.)
Homework Answers
| Category | Beginning Inventory | + | Quantity Purchased | - | Quantity Sold | = | Ending Inventory |
| Portable | 5800 | 14800 | 13400 | 7200 | |||
| Midsize | 8100 | 19100 | 24300 | 2900 | |||
| Flat-screen | 3200 | 10400 | 5800 | 7800 |
| Category | Ending Inventory | Base Year | End of Year | ||
| Unit Cost | Total Cost | Unit Cost | Total Cost | ||
| Portable | 7200 | 120 | 864000 | 132 | 950400 |
| Midsize | 2900 | 300 | 870000 | 360 | 1044000 |
| Flat-screen | 7800 | 480 | 3744000 | 600 | 4680000 |
| Total | 5478000 | 6674400 | |||
a) Price Index = Ending inventory at current costs/Ending inventory at base year costs = $6674400/$5478000 = 1.2184
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Company A's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1,...
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Charles adopted dollar-value LIFO and decided to use a single
inventory pool. The company’s January 1 inventory consists
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Problem 8-08 (Part Level Submission) Charles’s Televisions produces television sets in three categories: portable, midsize, and...
Problem 8-08 (Part Level Submission)
Charles’s Televisions produces television sets in three categories:
portable, midsize, and flat-screen. On January 1, 2020, Charles
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
7,800
$100
$ 780,000
Midsize
10,400
250
2,600,000
Flat-screen
3,900
400
1,560,000
22,100
$4,940,000
During 2020, the company had the following purchases and
sales.
Category
Quantity
Purchased
Cost per Unit
Quantity
Sold...
Problem 8-08 (Part Level Submission) Charles’s Televisions produces television sets in three categories: portable, midsize, and...
Problem 8-08 (Part Level Submission)
Charles’s Televisions produces television sets in three categories:
portable, midsize, and flat-screen. On January 1, 2020, Charles
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
7,800
$100
$ 780,000
Midsize
10,400
250
2,600,000
Flat-screen
3,900
400
1,560,000
22,100
$4,940,000
During 2020, the company had the following purchases and
sales.
Category
Quantity
Purchased
Cost per Unit
Quantity
Sold...
Sarasota Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory...
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Sarasota Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory...
Sarasota Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory was 5 sets at $655 each. On January 10, Sarasota purchased 8 units at $755 each. The company sold 2 units on January 8 and 4 units on January 15. Incorrect answer iconYour answer is incorrect. Compute the ending inventory under FIFO. (Round answer to 0 decimal places, e.g. 1,250.) FIFO The ending inventory $ eTextbook and Media Assistance Used eTextbook Incorrect...
Crane Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory...
Crane Appliance uses a perpetual inventory system. For its
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company sold 2 units on January 8 and 5 units on January 15.
Your answer is incorrect. Try again.
Compute the ending inventory under FIFO. (Round answer
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The ending inventory
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Charles’s Televisions produces television sets in three
categories: portable, midsize, and flat-screen. On January 1, 2020,
Charles 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
7,800
$100
$ 780,000
Midsize
10,400
250
2,600,000
Flat-screen
3,900
400
1,560,000
22,100
$4,940,000
During 2020, the company had the following purchases and
sales.
Category
Quantity
Purchased
Cost per Unit
Quantity
Sold
Selling Price
per Unit
Portable...
Problem 8-8 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 une a single inventory pool. The company's January 1 inventory consists of: Category Quantity Cost per Unit Total Cost Portable Midsize Flat-screen 5,700 8,100 3.100 16,900 115 655,500 288 2,332,800 460 1,426,000 $4,414,300 During 2017, the company had the following purchases and sales Quantity Quantity Selling Price Category Purchased Cost per Unit Sold Portable Midsize...
Problem 8-08 (Part Level Submission)
Charles’s Televisions produces television sets in three categories:
portable, midsize, and flat-screen. On January 1, 2020, Charles
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
7,800
$100
$ 780,000
Midsize
10,400
250
2,600,000
Flat-screen
3,900
400
1,560,000
22,100
$4,940,000
During 2020, the company had the following purchases and
sales.
Category
Quantity
Purchased
Cost per Unit
Quantity
Sold...
Problem 8-08 (Part Level Submission)
Charles’s Televisions produces television sets in three categories:
portable, midsize, and flat-screen. On January 1, 2020, Charles
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
7,800
$100
$ 780,000
Midsize
10,400
250
2,600,000
Flat-screen
3,900
400
1,560,000
22,100
$4,940,000
During 2020, the company had the following purchases and
sales.
Category
Quantity
Purchased
Cost per Unit
Quantity
Sold...
Sarasota Appliance uses a perpetual inventory system. For its flat-screen television sets, the January 1 inventory was 3 sets at $605 each. On January 10, Sarasota purchased 6 units at $745 each. The company sold 2 units on January 8 and 4 units on January 15. Compute the ending inventory under FIFO. (Round answer to 0 decimal places, e.g. 1,250.) FIFO $ The ending inventory eTextbook and Media 0 decimal places, e.g. 1,250.) Compute the ending inventory under LIFO. (Round...
Crane Appliance uses a perpetual inventory system. For its
flat-screen television sets, the January 1 inventory was 3 sets at
$580 each. On January 10, Crane purchased 6 units at $650 each. The
company sold 2 units on January 8 and 5 units on January 15.
Your answer is incorrect. Try again.
Compute the ending inventory under FIFO. (Round answer
to 0 decimal places, e.g. 1,250.)
FIFO
The ending inventory
$
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