Question 47

Problem 4-16 Gross profit and ending inventory [LO4-2] Sprint Shoes Inc. had a beginning inventory of 9,450 units on January 1, 20X1. The costs associated with the inventory were: Material l abor Overhead $ 14.00 per unit 9.00 per unit 6.10 per unit During 20X1, the firm produced 43,400 units with the following costs Material Labor Overhead S 15.50 per unit 7.80 per unit 8.30 per unit Sales for the year were 47,430 units at $41.60 each. Sprint Shoes uses LIFO accounting. a. What was the gross profit? (Do not round intermediate calculations.) b. What was the value of ending inventory?(Do not round intermediate calculations.) Ending inventory