Question
Jerrico Wallboard Co. had a beginning inventory of 9,800 shoes on January 1, 20XX. The costs associated with the inventory were as follows: Material $
Jerrico Wallboard Co. had a beginning inventory of 9,800 shoes on January 1, 20XX. The costs associated with the inventory were as follows:
Material | $ | 11.00 | per shoe |
Labour | 6.00 | per shoe | |
Overhead | 4.10 | per shoe | |
During 20XX, the firm produced 44,100 units with the following costs:
Material | $ | 16.50 | per shoe |
Labour | 8.80 | per shoe | |
Overhead | 9.30 | per shoe | |
Sales for the year were 47,570 units at $41.60 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 $
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