Sprint Shoes Inc. had a beginning inventory of 9,250 units on January 1,20X1. Costs associated with the

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Sprint Shoes Inc. had a beginning inventory of 9,250 units on January 1,20X1. Costs associated with the inventory:

Material........ Labor...... Overhead.. $15.00 per unit 8.00 per unit 7.10 per unit

During 20X1, the firm produced 43,000 units with the following costs:

Material.... Labor......... Overhead..... $17.50 per unit 8.80 per unit 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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Related Book For  answer-question

Foundations Of Financial Management

ISBN: 9781264097623

18th Edition

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen

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