Sprint Shoes Inc. had a beginning inventory of 9,100 units on January 1, 20X1. The costs associated with the inventory were:
Material $ 12.00 per unit
Labor 7.00 per unit
Overhead 5.10 per unit
During 20X1, the firm produced 42,700 units with the following costs:
Material $ 14.50 per unit
Labor 6.80 per unit
Overhead 7.30 per unit
Sales for the year were 47,290 units at $41.60 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.)