Question: Item2 Return to questionItem 2 Jerrico Wallboard Co. had a beginning inventory of 7,000 shoes on January 1, 20XX. The costs associated with the inventory

Item2 Return to questionItem 2 Jerrico Wallboard Co. had a beginning inventory of 7,000 shoes on January 1, 20XX. 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 20XX, 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.

a. What was the gross profit? (Do not round intermediate calculations. Round your answer to nearest whole dollar.)

Gross profit $ 248850 Numeric ResponseEdit Unavailable. 248850 incorrect.

b. What was the value of ending inventory? (Do not round intermediate calculations. Round your answer to nearest whole dollar.)

Ending inventory $ 28400 Numeric ResponseEdit Unavailable. 28400 incorrect.

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