Apps b rty University On Mndtap . Ceng ge % weblsagn AExcels or College. Log Inl

Question

Apps b rty University On Mndtap . Ceng ge % weblsagn AExcels or College. Log Inl ubety Unive CXanEch," Apply breducation i for Baits Your Beneits Tad Convex Mechanical Supplies produces a product with the tolowing costs as of July 1, 20x1 Mateal Labor Overhead2 s 10 Beginning inventory ait these costs on July t was 7 900 units From July 1 to December 1, Comex abor and ovemead were the same. Convex uses FiFO Inveriory accouming produced 20,000 unts These units had a matenial cost of $7 per unit The costs for a. Assuming that Convex soid 22,000 units during the last six months of the year at $14 each what would gross pront be? proft b. What is the value of ending invemory? Hits References ok&Resources

Explanation / Answer

a Assuming that convex sold 22000 units during the last six months of the year at $14 each, what would gross profit be In $ Sale 22000*14 308000 Less : Cost of Goods Sold (7900*10) 79000 (14100*(7+3+2) 169200 248200 Gross Profit 59800 b What is the Value of Ending inventory Opening Units 7900 Add: Produced 20000 Less :Sold 22000 Ending Units 5900 Per unit cost (7+3+2) 12 Value of Ending Inventory 70800

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