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The Bradley Corporation produces a product with the following costs as of July 1, 20X1:...

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Accounting

The Bradley Corporation produces a product with the following costs as of July 1, 20X1: Material $5 per unit Labor 3 per unit Overhead 1 per unit Beginning inventory at these costs on July 1 was 4,200 units. From July 1 to December 1, 20X1, Bradley produced 14,400 units. These units had a material cost of $5, labor of $6, and overhead of $4 per unit. Bradley uses LIFO inventory accounting.

a. Assuming that Bradley sold 17,800 units during the last six months of the year at $20 each, what is its gross profit?

b. What is the value of ending inventory?

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