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Sprint Shoes Inc. had a beginning inventory of 9,200 units on January 1, 20X1. The costs associated with the inventory were:
Material
$ 14.00 per unit
Labor
9.00 per unit
Overhead
6.10 per unit
During 20X1, the firm produced 42,900 units with the following costs:
$ 16.50 per unit
8.80 per unit
9.30 per unit
Sales for the year were 47,330 units at $43.00 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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