13. Convex Mechanical Supplies produces a product with the following costs as of July 1, 2009. Beginning
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13. Convex Mechanical Supplies produces a product with the following costs as of July 1, 2009.
Beginning inventory at these costs on July 1 was 5,000 unitsế From July 1 to December 1, Convex produced 15,000 units. These units had a material cost of $10 per unit. The costs for labor and overhead were the same. Convex uses FIFO inventory accounting.
Assuming that Convex sold 17,000 units during the last six months of the year at $20 each, what would gross profit be? What is the value of ending inventory?
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Related Book For 
Foundations Of Financial Management
ISBN: 9780073382388
13th Edition
Authors: Stanley B. Block, Geoffrey A. Hirt, Bartley R. Danielsen
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