Cox Corporation produces a product with the following costs as of July 1, 20XX: Material $3 per unit Labour 5 per unit Overhead 3 per unit Assuming Cox sold 32,000 units during the last six months of the year at $17 each, beginning inventory at these costs on July 1 was 3,500 units. From July 1 to December 31, 20XY, Cox produced 31,000 units. These units had a material cost of $4 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

If Cox uses FIFO inventory accounting, What is the value of ending inventory?

Ending inventory $