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