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The Bradley Corporation produces a product with the following costs as of July 1, 2014:

/in /by

The Bradley Corporation produces a product with the following costs as of July 1, 2014:

Material $ 1 per unit
Labor 3 per unit
Overhead 2 per unit

Beginning inventory at these costs on July 1 was 3,300 units. From July 1 to December 1, 2014, Bradley produced 12,600 units. These units had a material cost of $5, labor of $6, and overhead of $4 per unit. Bradley uses LIFO inventory accounting.

a.
Assuming that Bradley sold 14,200 units during the last six months of the year at $20 each, what is its gross profit ?

Gross profit $

b.
What is the value of ending inventory?

Ending inventory $

 
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