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    gurvir grewal Posts: 1, Reputation: 1
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    Mar 4, 2013, 05:56 PM
    FIFO inventory method
    14. Cox Corporation produces a product with the following costs as of July 1, 2011:

    Assuming Cox sold 13,000 units during the last six months of the year at $16 each, beginning inventory at these costs on July 1 was 3,000 units. From July 1 to December 31, 2012, Cox produced 12,000 units. These units had a material cost of $3 per unit. The costs for labour and overhead were the same. Cox uses FIFO inventory accounting, what would gross profit be? What is the value of ending inventory?
    Calculate gross profit and ending inventory

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