52 Cox Corporation produces a product with the following costs as of July 1, 20XX: Material Labour Overhead $2 per unit 4 per unit 2 per unit Assuming Cox sold 17,000 units during the last six months of the year at $18 each, beginning inventory at these costs on July 1 was 3,500 units. From July 1 to December 31, 20XY, Cox produced 16,000 units. These units had a material cost of $3 per unit. The costs for labour and overhead were the same. a. If Cox uses FIFO inventory accounting, what would be the gross profit for the period? Gross profit b. If Cox uses FIFO inventory accounting, What is the value of ending inventory? Ending inventory 4

Cox Corporation produces a product with the following costs as of July 1,20x Assuming Cox sold 17,000 units during the last six months of the year at $18 each, beginning inventory at these costs on July 1 was 3,500 units. From July 1 to December 31.20XY, Cox produced 16,000 units. These units had a material cost of $3 per unit. The costs for labour and overhead were the same. a. If Cox uses FIFO inventory accounting, what would be the gross profit for the period? Gross profit b. If Cox uses FIFO inventory accounting. What is the value of ending inventory? Ending inventory