Question

Sprint Shoes Inc. had a beginning inventory of 9,250 units on January 1, 2013. The costs associated with the inventory were:
Material ......... $15.00 per unit
Labor ........... 8.00 per unit
Overhead ........ 7.10 per unit
During 2013, the firm produced 43,000 units with the following costs:
Material ......... $17.50 per unit
Labor .......... 8.80 per unit
Overhead .......... 10.30 per unit
Sales for the year were 47,350 units at $44.60 each. Sprint Shoes uses LIFO accounting. What was the gross profit? What was the value of ending inventory?



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  • CreatedOctober 14, 2014
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