At the end of January, Mineral Labs had an inventory of 755 units, which cost $10 per unit to produce. During February the company produced 800 units at a cost of $14 per unit. a. If the firm sold 1,300 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.) Cost of goods sold_______

b. If the firm sold 1,300 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.) Cost of goods sold________

2. Convex Mechanical Supplies produces a product with the following costs as of July 1, 20X1:

Material $7

Labor 3

Overhead 4

__________

$14

Beginning inventory at these costs on July 1 was 8,200 units. From July 1 to December 1, Convex produced 20,500 units. These units had a material cost of $8 per unit. The costs for labor and overhead were the same. Convex uses FIFO inventory accounting. a. Assuming that Convex sold 22,500 units during the last six months of the year at $16 each, what would gross profit be?

Gross Profit ________

b. What is the value of ending inventory?

Ending Inventory __________