Sprint Shoes Inc. had a beginning inventory of 9,200 units on January 1, 2013. The...
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Sprint Shoes Inc. had a beginning inventory of 9,200 units on January 1, 2013. The costs associated with the inventory were: Material $ 14.00 per unit Labor 9.00 per unit Overhead 6.10 per unit During 2013, the firm produced 42,900 units with the following costs: Material $ 16.50 per unit Labor 8.80 per unit Overhead 9.30 per unit Sales for the year were 47,330 units at $43.00 each. Sprint Shoes uses LIFO accounting. a. What was the gross profit? Gross profit $ b. What was the value of ending inventory? Ending inventory $
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