(Answered) Sprint shoes inc had a beginning inventory of 9200 units on

Finance

Sprint Shoes Inc. had a beginning inventory of 9,200 units on January 1, 20X1. The costs associated with the inventory were:


Material	$ 14.00 per unit
Labor	9.00 per unit
Overhead	6.10 per unit

During 20X1, 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? (Do not round intermediate calculations.)

b. What was the value of ending inventory? (Do not round intermediate calculations.)

View complete question

Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91982871
Price:- $20

Verified Expert

Priced at $40 Now at $20, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Basic Finance

What is the present value of 24000 to be received 32 years

What is the present value of $24,000 to be received 32 years from today if the annual rate is 10%? [use semi-annual compounding]

Imagine there is a 100000 t-bill that matures in 130 days

Imagine there is a $100,000 T-bill that matures in 130 days. The T-bill has a discount yield of 2.102%. Ignoring fees or commissions, how much in dollars would I pay for this T-bill?

Estimate cost of capital for a 10-year project with a

Estimate cost of capital for a 10-year project with a market risk B=1.2. Assume expected market return is 10%.

Brenda wants to invest in a bank cd that will pay her 626

Brenda wants to invest in a bank CD that will pay her 6.26 percent compounded quarterly. How many years will it take to triple her initial investment?

You have just made your first 5200 contribution to your

You have just made your first $5,200 contribution to your retirement account. Assume you earn a return of 12 percent per year and make no additional contributions. a. What will your account be worth when you retire in 43 ...

Franks is looking at a new sausage system with an installed

Franks is looking at a new sausage system with an installed cost of $375,000. This cost will be depreciated straight-line to zero over the project's five-year life, at the end of which the sausage system can be scrapped ...

Question - you want to borrow 342339 from the bank to

Question - You want to borrow $342339 from the bank to purchase a new condominium. Your mortgage will be a 30-year loan fixed at 9.1 annual interests. What will be your monthly mortgage payment?

You are considering an investment in a 40-year security the

You are considering an investment in a 40-year security. The security will pay $25 a year at the end of each of the first three years. The security will then pay $30 a year at the end of each of the next 20 years. The no ...

Super growth co is growing quickly dividends are expected

Super Growth Co. is growing quickly. Dividends are expected to grow at a 32 percent rate for the next three years, with the growth rate falling off to a constant 7 percent thereafter. If the required return is 15 percent ...

Question - robert gillman an equity research analyst at

Question - Robert gillman, an equity research analyst at Gillman Advisors, believes in efficient markets, He has been following the mining industry for the past 10 years and needs to determine the constant-growth rate th ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Basic Finance Expert