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    Calculating ending inventory and gross profit in LIFO

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    Jerrico Wallboard Co. had a beginning inventory of 7,000 units on January 1, 2004.

    The costs associated with the inventory were:

    Material $9.00 unit
    Labor 5.00 unit
    Overhead 4.10 unit

    During 2004, Jerrico produced 28,500 units with the following costs:

    Material $11.50 unit
    Labor 4.80 unit
    Overhead 6.20 unit

    Sales for the year were 31,500 units at $29.60 each. Jerrico uses LIFO
    accounting. What was the gross profit? What was the value of ending inventory?

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    https://brainmass.com/business/inventory/calculating-ending-inventory-gross-profit-lifo-78600

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    The solution explains calculation of ending inventory and gross profit in LIFO inventory system

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