Jerrico Wallboard Co. had a beginning inventory of 9,300 shoes on January 1, 20XX. The costs associated with the inventory were follows: Material $11.00 per shoe 6.00 per shoe 4.10 per shoe Labour Overhead During 20XX, the firm produced 43,100 units with the following costs: Material Labour Overhead $16.50 per shoe 9.80 per shoe 8.30 per shoe Sales for the year were 47,370 units at $45.00 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 b. What was the value of ending inventory? (Do not round intermediate calculations. Round your answer to nearest whole dolla Ending inventory

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.