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What was the value of ending inventory

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Jerrico Wallboard Co. had a beginning inventory of 7,000 units on January 1, 2004. The costs associated with the inventory were: Material $9.00 unit Labor 5.00 unit Overhead 4.10 unit During 2004, Jerrico produced 28,500 units with the following costs: Material $11.50 unit Labor 4.80 unit Overhead 6.20 unit Sales for the year were 31,500 units at $29.60 each. Jerrico uses LIFO accounting. What was the gross profit? What was the value of ending inventory?

Reference no: EM13850434

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