Problem 4-29 Percent-of-sales method [LO4-3] Conn Man's Shops, a national clothing chain, had sales of $390 milion last year. The business has a steady net profit margin of 8 percent and a dividend payout ratio of 35 percent. The balance sheet for the end of last year is shown Balance Sheet End of Year tie 5 millions) Liabilities and stockholders' Equity Cash $39 Accounts payable $5 Accounts receivable 34 Accrued expenses 37 Inventory 30 Other payables 68 Plant and equipe 1981 Connon stock 78 Retained earnings 117 Total assets 5.151 Total llities and stockholders' equity $351 Assets The firm's marketing statt has told the president that in the coming year there will be a large increase in the demand for overcoats and wool stacks A sales increase of 10 percentis forecast for the company All batance sheet items are expected to maintain the same percent of sales relationships as last year except for common stock and retained earnings No change is scheduled in the number of common stock shares outstanding, and retained earnings will change as dictated by the profits and dividend policy of the firm (Remember the net profit margin is 8 percent) Problem 4-16 Gross profit and ending inventory [LO4-2] Sprint Shoes Inc had a beginning inventory of 10,000 units on January 1, 20X1. The costs associated with the inventory we Material Labor Overhead $15.00 per unit 8.00 per unit 7.10 per unit During 20X1. the firm produced 44,500 units with the following costs: Material Labor Overhead 514.50 per unit 6.80 per unit 7.30 per unit Sales for the year were 47650 units at $45.00 each Sprint Shoes uses LIFO accounting a. What was the gross profit? (Do not round intermediate calculations.) Gospol