Sprint Shoes Incorporated had a beginning inventory of 9,700 units on January 1, 20X1. The costs associated with the inventory were: $ 14.00 per unit 9.00 per unit 6.10 per unit Material Labor Overhead During 20X1, the firm produced 43,900 units with the following costs: $14.50 per unit 6.80 per unit 7.30 per unit Material Labor Overhead Sales for the year were 47,530 units at $39.60 each. Sprint Shoes uses LIFO accounting. a. What was the gross profit? Note: Do not round Intermediate calculations. Gross profit b. What was the value of ending Inventory? Note: Do not round Intermediate calculations. Ending inventory
Sprint Shoes Incorporated had a beginning inventory of 9,700 units on January 1, 20X1. The costs associated with the inventory were: $ 14.00 per unit 9.00 per unit 6.10 per unit Material Labor Overhead During 20X1, the firm produced 43,900 units with the following costs: $14.50 per unit 6.80 per unit 7.30 per unit Material Labor Overhead Sales for the year were 47,530 units at $39.60 each. Sprint Shoes uses LIFO accounting. a. What was the gross profit? Note: Do not round Intermediate calculations. Gross profit b. What was the value of ending Inventory? Note: Do not round Intermediate calculations. Ending inventory
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Sprint Shoes Incorporated had a beginning Inventory of 9,700 units on January 1, 20X1. The costs associated with the Inventory were:
$ 14.00 per unit
9.00 per unit
6.10 per unit
During 20X1, the firm produced 43,900 units with the following costs:
Material
Labor
Overhead
$14.50 per unit
6.80 per unit
7.30 per unit
Sales for the year were 47,530 units at $39.60 each. Sprint Shoes uses LIFO accounting.
a. What was the gross profit?
Note: Do not round Intermediate calculations.
Material
Labor
Overhead
Gross profit
b. What was the value of ending Inventory?
Note: Do not round Intermediate calculations.
Ending inventory
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