Convex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material Labor Overhead $4 3 1 $8 Beginning inventory at these costs on July 1 was 11,200 units. From July 1 to December 1, Convex produced 25,500 units. These units had a material cost of $9 per unit. The costs for labor and overhead were the same. Convex uses FIFO inventory accounting. a. Assuming that Convex sold 27,500 units during the last six months of the year at $18 each, what would gross profit be? Gross profit b. What is the value of ending inventory? Ending inventory At the end of January, Mineral Labs had an inventory of 745 units, which cost $9 per unit to produce. During February the company produced 750 units at a cost of $13 per unit. a. If the firm sold 1,200 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.) Cost of goods sold b. If the firm sold 1,200 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.) Cost of goods sold