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Sprint Shoes Inc. had a beginning inventory of 9,100 units on January 1, 20X1. The costs associated with the inventory were: Material $ 12.00 per

Sprint Shoes Inc. had a beginning inventory of 9,100 units on January 1, 20X1. The costs associated with the inventory were:

Material $ 12.00 per unit

Labor 7.00 per unit

Overhead 5.10 per unit

During 20X1, the firmproduced 42,700 units with the following costs:

Material $ 14.50 per unit

Labor 6.80 per unit

Overhead 7.30 per unit

Sales for the year were 47,290 units at $41.60 each. Sprint Shoesuses 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.)

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