FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Sprint Shoes Inc. had a beginning inventory of 9,550 units on January 1, 20X1. The costs associated with the inventory were:
Material
Labor
Overhead
During 20X1, the firm produced 43,600 units with the following costs:
Material
Labor
Overhead
$ 11.00 per unit
6.00 per unit
4.10 per unit
Gross profit
$ 17.50 per unit
8.80 per unit
10.30 per unit
Sales for the year were 47,470 units at $43.00 each. Sprint Shoes uses LIFO accounting.
a. What was the gross profit? (Do not round intermediate calculations.)
b. What was the value of ending inventory? (Do not round intermediate calculations.)
Ending inventory
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Transcribed Image Text:Sprint Shoes Inc. had a beginning inventory of 9,550 units on January 1, 20X1. The costs associated with the inventory were: Material Labor Overhead During 20X1, the firm produced 43,600 units with the following costs: Material Labor Overhead $ 11.00 per unit 6.00 per unit 4.10 per unit Gross profit $ 17.50 per unit 8.80 per unit 10.30 per unit Sales for the year were 47,470 units at $43.00 each. Sprint Shoes uses LIFO accounting. a. What was the gross profit? (Do not round intermediate calculations.) b. What was the value of ending inventory? (Do not round intermediate calculations.) Ending inventory
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