Assume in the previous problem that Cox Corporation used average cost inventory accounting instead of FIFO. What would gross profit be? What is the value of ending inventory?

Data from previous problem

Cox Corporation produces a product with the following costs as of July 1, 2014:
Material ......................... $2 per unit
Labour ...........................   4 per unit
Overhead ......................   2 per unit
Assuming Cox sold 13,000 units during the last six months of the year at $16 each, beginning inventory at these costs on July 1 was 3,000 units. From July 1 to December 31 , 2015, Cox produced 12,000 units. These units had a material cost of $3 per unit.