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Question - Sprint Shoes Inc. had a beginning inventory of 9,700 units on January 1, 20X1. The costs associated with the inventory were:
Material $14.00 per unit
Labor 9.00 per unit
Overhead 6.10 per unit
During 20X1, the firm produced 43,900 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 47,530 units at $39.60 each. Sprint Shoes uses LIFO accounting.
Required -
1. What was the gross profit?
2. What was the value of ending inventory?
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