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Sprint Shoes Inc. had a beginning inventory of 9,150 units on January 1,201. The costs associated with the inventory were: During 201, the firm produced
Sprint Shoes Inc. had a beginning inventory of 9,150 units on January 1,201. The costs associated with the inventory were: During 201, the firm produced 42,800 units with the following costs: Sales for the year were 47,310 units at $42.60 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.)
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