Beginning inventory at these costs on july 1 was 3100 units, Finance Basics

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Beginning inventory at these costs on july 1 was 3100 units

Problem: The Bradley Corporation produces a product with the following costs as of July 1, 20X1:

Material $3 per unit

Labor $3 per unit

Overhead $1 per unit

Beginning Inventory at these costs on July 1 was 3100 units. From July 1 to Dec 1, 20X1, Bradley produced 12,200 units. These units had a material cost of $2, labor of $3, and overhead of $4 per unit. Bradley uses LIFO inventory accounting.

Question 1) Assuming that Bradley sold 13,400 units during the last 6 months of the year at $14 each, What is its Gross Profit?

Question 2) What is the value of ending inventory?

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Finance Basics: Beginning inventory at these costs on july 1 was 3100 units

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Finance Basics: Beginning inventory at these costs on july 1 was 3100 units

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