Convex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material $ 6 Labor 4 Overhead 3 $ 13 Beginning inventory at these costs on July 1 was 12,100 units. From July 1 to December 1, Convex produced 27,000 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 29,000 units during the last six months of the year at $20 each, what would gross profit be? What is the value of ending inventory?

Convex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material $ 6 Labor 4 Overhead 3 $ 13 Beginning inventory at these costs on July 1 was 12,100 units. From July 1 to December 1, Convex produced 27,000 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 29,000 units during the last six months of the year at $20 each, what would gross profit be? What is the value of ending inventory?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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