Jerrico Wallboard Co. had a beginning inventory of 7,000 shoes on January 1, 2015. The costs associated
Question:
Jerrico Wallboard Co. had a beginning inventory of 7,000 shoes on January 1, 2015. The costs associated with the inventory were as follows:
Material ....................... $9.00 per shoe
Labour ........................... 5.00 per shoe
Overhead ...................... 4.10 per shoe
During 2015, the firm produced 28,500 units with the following costs:
Material ........................ $ 11 .50 per shoe
Labour ............................ 4.80 per shoe
Overhead ........................ 6.20 per shoe
Sales for the year were 31 ,500 units at $29.60 each. Jerrico uses average cost accounting. What was the gross profit? What was the value of ending inventory?
Step by Step Answer:
Beginning Inventory Cost per unit Material 900 Labour 500 ...View the full answer
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
