Through mid december of 2011 purchases were limited to 8000

Reference no: EM13573080

Cork Company imports and sells a product produced in Canada. In the summer of 2011, a natural disaster disrupted production, affecting its supply of product. Cork uses the LIFO inventory method. On January 1, 2011, Cork's inventory records were as follows:

Year purchased	Quantity (units)	Cost per unit	Total cost
2009	2,000	$40	$ 80,000
2010	5,000	$55	275,000
Total	7,000		$355,000

Through mid December of 2011, purchases were limited to 8,000 units, because the cost had increased to $80 per unit. Cork sold 14,200 units during 2011 at a price of $98 per unit, which significantly depleted its inventory.

Assume that Cork makes no further purchases during 2011. Compute Cork's gross profit for 2011.

Reference no: EM13573080

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