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Problem - Inventory Pools - Stone Shoe Company adopted dollar-value LIFO on January 1, 2019. The company produces four products and uses a single inventory pool. The company's beginning inventory consists of the following:
Type
Quantity
Cost per Unit
Total Cost
Running
80,000
$16
$1,280,000
Tennis
30,000
15
450,000
Basketball
60,000
14
840,000
Soccer
40,000
17
680,000
210,000
$3,250,000
During 2019, the company has the following purchases and sales:
Quantity Purchased
Quantity Sold
Selling Price per Unit
150,000
$19
140,000
$40
130,000
16
100,000
38
90,000
37
120,000
18
42
500,000
470,000
Required -
1. Compute the dollar-value LIFO cost of the ending inventory. Round the cost index to 4 decimal places and all other amounts to the nearest dollar.
2. By how much would the company's gross profit differ if it had used four pools instead of a single pool?
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