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Sprint Shoes Inc. had a beginning inventory of 9,900 units on January 1, 20X1. The costs associated with the inventory were: Material $ 13.00 per
Sprint Shoes Inc. had a beginning inventory of 9,900 units on January 1, 20X1. The costs associated with the inventory were:
Material | $ 13.00 per unit |
Labor | 8.00 per unit |
Overhead | 6.10 per unit |
During 20X1, the firmproduced 44,300 units with the following costs:
Material | $ 16.50 per unit |
Labor | 9.80 per unit |
Overhead | 8.30 per unit |
Sales for the year were 47,610 units at $43.00 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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