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What was the value of ending inventory

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Question - Sprint Shoes Inc. had a beginning inventory of 9,800 units on January 1, 20X1. The costs associated with the inventory were:

Material $ 11.00 per unit Labor 6.00 per unit Overhead 4.10 per unit

During 20X1, the firm produced 44,100 units with the following costs:

Material $ 16.50 per unit Labor 8.80 per unit Overhead 9.30 per unit

Sales for the year were 47,570 units at $41.60 each. Sprint Shoes uses LIFO accounting.

Required -

a. What was the gross profit?

b. What was the value of ending inventory?

Reference no: EM132865153

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