Sprint Shoes Inc. had a beginning inventory of 9,350 units on January 1, 20X1. The costs...

80.2K

Verified Solution

Question

Finance

Sprint Shoes Inc. had a beginning inventory of 9,350 units onJanuary 1, 20X1. The costs associated with the inventory were:Material $ 12.00 per unit Labor 7.00 per unit Overhead 5.10 perunit During 20X1, the firm produced 43,200 units with the followingcosts: Material $ 13.50 per unit Labor 5.80 per unit Overhead 6.30per unit Sales for the year were 47,390 units at $39.60 each.Sprint Shoes uses LIFO accounting.
a. What was the gross profit? (Do not round intermediatecalculations.)
b. What was the value of ending inventory

Answer & Explanation Solved by verified expert

3.9 Ratings (480 Votes)

Answer Unit Product Cost Direct Materials Direct Labor Overhead Cost Cost of Beginning Inventory Unit Product Cost 1200 700 510 Unit Product Cost 2410 Cost of See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

Sprint Shoes Inc. had a beginning inventory of 9,350 units onJanuary 1, 20X1. The costs associated with the inventory were:Material $ 12.00 per unit Labor 7.00 per unit Overhead 5.10 perunit During 20X1, the firm produced 43,200 units with the followingcosts: Material $ 13.50 per unit Labor 5.80 per unit Overhead 6.30per unit Sales for the year were 47,390 units at $39.60 each.Sprint Shoes uses LIFO accounting.a. What was the gross profit? (Do not round intermediatecalculations.)b. What was the value of ending inventory