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Cox Corporation produces a product with the following costs as of July 1, 20XX: *Ignore my answer for A it is wrong Cox Corporation produces
Cox Corporation produces a product with the following costs as of July 1, 20XX: *Ignore my answer for A it is wrong
Cox Corporation produces a product with the following costs as of July 1, 20XX: Material Labour Overhead $4 per unit 6 per unit 4 per unit Assuming Cox sold 25,000 units during the last six months of the year at $21 each, beginning inventory at these costs on July 1 was 7,500 units. From July 1 to December 31, 20XY, Cox produced 24,000 units. These units had a material cost of $5 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 $ 356000 b. If Cox uses FIFO inventory accounting, What is the value of ending inventory? Ending inventoryStep by Step Solution
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