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Sprint Shoes Inc. had a beginning inventory of 9,700 units on January 1, 20X1. The costs associated with the inventory were: Material$ 14.00 per unit Labor9.00 per unit Overhead6.10 per unit
During 20X1, the firm produced 43,900 units with the following costs: Material$ 14.50 per unit Labor6.80 per unit Overhead7.30 per unit
Sales for the year were 47,530 units at $39.60 each. Sprint Shoes uses LIFO accounting. Problem 1: What was the gross profit? (Do not round intermediate calculations.)
Problem 2: What was the value of ending inventory?
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