What is the gross profit, Sales for the year were 38,000

What is the gross profit

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Reference no: EM13302831

Sampson, Inc. had a beginning inventory of 10,000 units on January 1, 2009. The costs associated were :

Material $15.00 per unit
Labor $5.00 per unit
Overhead $10.00 per unit

During 2009, Sampson produced 36,000 units with the following costs:

Material $16.00 per unit
Labor $6.00 per unit
Overhead $11.00 per unit

Sales for the year were 38,000 units at $40.00 each. Samspon uses LIFO accounting. What is the gross profit, and the value of ending inventory?

Reference no: EM13302831

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