What was the value of ending inventory

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Reference no: EM132816281

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
Labor9.00 per unit
Overhead6.10 per unit

During 20X1, the firm produced 43,900 units with the following costs:

Material$ 14.50 per unit
Labor6.80 per unit
Overhead7.30 per unit

Sales for the year were 47,530 units at $39.60 each. Sprint Shoes uses LIFO accounting.

Problem 1: What was the gross profit? (Do not round intermediate calculations.)

Problem 2: What was the value of ending inventory?

Reference no: EM132816281

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