Sprint Shoes Inc. had a beginning inventory of 9,400 units on January 1, 20X1.
The costs associated with the inventory were:
Material $ 13.00 per unit
Labor 8.00 per unit
Overhead 6.10 per unit
During 20X1, the firm produced 43,300 units with the following costs:
Material $ 14.50 per unit
Labor 6.80 per unit
Overhead 7.30 per unit
Sales for the year were 47,410 units at $40.60 each. Sprint Shoes uses LIFO accounting.
a. What was the gross profit? (Do not round intermediate calculations.) Gross profit: ________________
b. What was the value of ending inventory? (Do not round intermediate calculations.) Ending inventory: ________________