Question

The Bradley Corporation produces a product with the following costs as of July 1, 2014:
Material ......... $4 per unit
Labor .......... 4 per unit
Overhead ....... 2 per unit
Beginning inventory at these costs on July 1 was 3,250 units. From July 1 to December 1, 2014, Bradley produced 12,500 units. These units had a material cost of $5, labor of $4, and overhead of $5 per unit. Bradley uses LIFO inventory accounting.
Assuming that Bradley sold 14,000 units during the last six months of the year at $19 each, what is its gross profit? What is the value of ending inventory?



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  • CreatedOctober 14, 2014
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