Homework Answers
Calculation of Gross Profit:
Particulars Amount
Sales (15000*$28) $420000
(-) Costs
Material (W.N1) $81000
Labor (15000*4) $60000
Overhead (15000*3) $45000
Gross Profit $234000
W.N:1 Material
= (9000*5) + (6000*6)
= $45000 + $36000
= $81000
Calculation of
ending Inventory:
Ending inventory = Beginning inventory + Production - sales
= 9000 + 11000 - 15000
=5000 units
Value of ending inventory = 5000*(6+4+3) = $65000
As it follows FIFO method so ending inventory will be the units that were last produced at material cost of $6.
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