Solution-What was the value of ending inventory

What was the value of ending inventory

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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:


Material	$ 16.50 per unit
Labor	8.80 per unit
Overhead	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.)

Reference no: EM131226957

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What was the value of ending inventory

Reference no: EM131226957

Reference no: EM131226957

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