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Sprint Shoes Inc

Accounting

Sprint Shoes Inc. had a beginning inventory of 9,150 units on January 1, 20X1. The costs associated with the inventory were: 
Material Labor Overhead 
$ 13.00 per unit 8.00 per unit 6.10 per unit 
During 20X1, the firm produced 42,800 units with the following costs: 
Material Labor Overhead 
$ 15.50 per unit 7.80 per unit 8.30 per unit 
Sales for the year were 47,310 units at $42.60 each. Sprint Shoes uses LIFO accounting. 
a. What was the gross profit? (Do not round intermediate calculations.) 
Gross profit 

$ 540,7051 
Material $ 15.50 per unit Labor 7.80 per unit Overhead 8.30 per unit 
Sales for the year were 47,310 units at $42.60 each. Sprint Shoes uses LIFO accounting. a. What was the gross profit? (Do not round intermediate calculations.) 
Gross profit 
540,7051 
b. What was the value of ending inventory? (Do not round intermediate calculations.) 
Ending inventory 
 

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