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Convex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: $ 5 3 Material Labor Overhead Beginning Inventory at these costs on July 1 was 7,900 units. From July 1 to December 1, Convex produced 20,000 units. These units had a material cost of $7 per unit. The costs for labor and overhead were the same. Convex uses FIFO Inventory accounting. 2 $ 10 a. Assuming that Convex sold 22,000 units during the last six months of the year at $14 each, what would gross profit be? Gross profit b. What is the value of ending inventory? Ending inventory

Convex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: $ 5 3 Material Labor Overhead Beginning Inventory at these costs on July 1 was 7,900 units. From July 1 to December 1, Convex produced 20,000 units. These units had a material cost of $7 per unit. The costs for labor and overhead were the same. Convex uses FIFO Inventory accounting. 2 $ 10 a. Assuming that Convex sold 22,000 units during the last six months of the year at $14 each, what would gross profit be? Gross profit b. What is the value of ending inventory? Ending inventory

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter18: Pricing And Profitability Analysis
Section: Chapter Questions
Problem 3CE: Pattison Products, Inc., began operations in October and manufactured 40,000 units during the month...
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Convex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material Labor Overhead Beginning inventory at these costs on July 1 was 7,900 units. From July 1 to December 1, Convex produced 20,000 units. These units had a material cost of $7 per unit. The costs for labor and overhead were the same. Convex uses FIFO Inventory accounting. $5 3 2 $ 10 a. Assuming that Convex sold 22,000 units during the last six months of the year at $14 each, what would gross profit be? Gross profit b. What is the value of ending Inventory? Ending inventory
Transcribed Image Text:Convex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material Labor Overhead Beginning inventory at these costs on July 1 was 7,900 units. From July 1 to December 1, Convex produced 20,000 units. These units had a material cost of $7 per unit. The costs for labor and overhead were the same. Convex uses FIFO Inventory accounting. $5 3 2 $ 10 a. Assuming that Convex sold 22,000 units during the last six months of the year at $14 each, what would gross profit be? Gross profit b. What is the value of ending Inventory? Ending inventory
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