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The Bradley Corporation produces a product with the following costs as of July 1, 2014: Material $ 1 per unit Labor 3 per unit Overhead
The Bradley Corporation produces a product with the following costs as of July 1, 2014: |
Material | $ 1 per unit |
Labor | 3 per unit |
Overhead | 2 per unit |
|
Beginning inventory at these costs on July 1 was 3,550 units. From July 1 to December 1, 2014, Bradley produced 13,100 units. These units had a material cost of $5, labor of $4, and overhead of $5 per unit. Bradley uses LIFO inventory accounting. |
a. | Assuming that Bradley sold 15,200 units during the last six months of the year at $19 each, what is its gross profit ? |
Gross profit | $ |
b. | What is the value of ending inventory? |
Ending inventory | $ |
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