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What was the value of ending inventory

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Question - Jerrico Wallboard Co. had a beginning inventory of 7,000 shoes on January 1, 20XX. The costs associated with the inventory were as follows:

Material $9.00 per shoe

Labour 5.00 per shoe

Overhead 4.10 per shoe

During 20XX, the firm produced 28,500 units with the following costs:

Material $11.50 per shoe

Labour 4.80 per shoe

Overhead 6.20 per shoe

Sales for the year were 31,500 units at $29.60 each. Jerrico uses Average Cost accounting.

Required -

a. What was the gross profit?

b. What was the value of ending inventory?

Reference no: EM132715442

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