Jerrico Wallboard Co$.$ had a beginning inventory of $9,650$ shoes on January $1,20$XX$.$ The costs associated with the inventory were as follows:

Material $ $13\mathrm{.}00$ per shoe

Labour $8\mathrm{.}00$ per shoe

Overhead $6\mathrm{.}10$ per shoe

During $20$XX$,$ the firm produced $43,800$ units with the following costs:

Material $ $13\mathrm{.}50$ per shoe

Labour $5\mathrm{.}80$ per shoe

Overhead $6\mathrm{.}30$ per shoe

Sales for the year were $47,510$ units at $$45\mathrm{.}00$ each. Jerrico uses average cost accounting.

a$.$ What was the gross profit? $($Do not round intermediate calculations. Round your answer to nearest whole dollar.$)$

Gross profit $

b$.$ What was the value of ending inventory? $($Do not round intermediate calculations. Round your answer to nearest whole dollar.$)$

Ending inventory $ Problem Set #$2$ i

Saved

Help

Save & Exit

Submit

$10$

Check my work

Jerrico Wallboard Co$.$ had a beginning inventory of $9,650$ shoes on January $1,20$XX$.$ The costs associated with the inventory were as follows:

$10$

points

eBook

References

Material $$13\mathrm{.}00$ per shoe

Labour $,8\mathrm{.}00$ per shoe

Overhead $6\mathrm{.}10$ per shoe

During $20$XX$,$ the firm produced $43,800$ units with the following costs:

Material $$13\mathrm{.}50$ per shoe

Labour $,5\mathrm{.}80$ per shoe

Overhead $6\mathrm{.}30$ per shoe

Sales for the year were $47,510$ units at $$45\mathrm{.}00$ each. Jerrico uses average cost accounting.

a$.$ What was the gross profit? $($Do not round intermediate calculations. Round your answer to nearest whole dollar.$)$

Gross profit

$

b$.$ What was the value of ending inventory? $($Do not round intermediate calculations. Round your answer to nearest whole dollar.$)$

Ending inventory $,$$$0$

Mc

Graw

Prev

$10$ of $12$

Next

$11$

$$

$=$

$(9)$

$$

$$

D

$z$