Question
Please assist with the following question. Convex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Beginning inventory at these
Please assist with the following question.
Convex Mechanical Supplies produces a product with the following costs as of July 1, 20X1:
Beginning inventory at these costs on July 1 was 10,900 units. From July 1 to December 1, Convex produced 25,000 units. These units had a material cost of $10 per unit.The costs for labor and overhead were the same. Convex uses FIFO inventory accounting.
a.Assuming that Convex sold 27,000 units during the last six months of the year at $20 each, what would gross profit be?
b.What is the value of ending inventory?
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