The Bradley Corporation produces a product with the following costs as of July 1, 2011:
Material ...................................................... $2 per unit
Labor ............................................................ 4 per unit
Overhead .................................................... 2 per unit
Beginning inventory at these costs on July was 3,000 units. From July 1 to December 1, 2011, Bradley produced 12,000 units. These units have material cost of $3, labor of $5, and overhead of $3 per unit. Bradley uses FIFO inventory accounting. Assuming that Bradley sold 13,000 units during the last six months of the year at $16 each, what is its gross profit? What is the value of ending inventory?