Sprint Shoes Inc. had a beginning inventory of 9,950 units on January 1, 20X1. The costs associated with the inventory were:
What was the value of ending inventory? (Do not round intermediate calculations.)
What was the gross profit?
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Homework Answers
| a. | Gross Profit | = | $ 893,665 |
| b. | Ending Inventory | = | $ 195,552 |
| Workings: | |||
| Sales | = | 47630 X $44.60 | |
| = | $ 21,24,298 | ||
| Less: Cost of goods sold (LIFO) | = | (44400 X $25.60) + (3230 X $29.10) | |
| = | $ 12,30,633 | ||
| LIFO | |||
| Sales | = | $ 21,24,298 | |
| Less: Cost of goods sold | = | $ 12,30,633 | |
| a. | Gross Profit | = | $ 8,93,665 |
| b. | Ending Inventory | = | (9950 - 3230) X $29.10 |
| = | $ 1,95,552 |
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