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Convex Mechanical Supplies produces a product with the following costs as of July 1, 2012: Material ............................... $ 6 Labor

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Convex Mechanical Supplies produces a product with the following costs as of July 1, 2012:
Material ............................... $ 6
Labor .................................. 4
Overhead ............................ 2
$12
Beginning inventory at these costs on July 1 was 5,000 units. From July 1 to December 1, Convex produced 15,000 units. These units had a material cost of $10 per unit. The costs for labor and overhead were the same. Convex uses FIFO inventory accounting.
Assuming that Convex sold 17,000 units during the last six months of the year at $20 each, what would gross profit be? What is the value of ending inventory?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...

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Convex Mechanical Supplies Sales 17 000 20 340 000 Cost of goods sold Old inventory Quantity u…View the full answer


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Foundations of Financial Management

ISBN: 978-1259194078

15th edition

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen

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Question Posted: October 14, 2014 05:31:40
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