Exercise.3
Exercise.3
Completion requirements
Opened: Monday, 17 February 2020, 12:00 AM
Due: Monday, 24 February 2020, 12:00 AM
CMS produces
a product with the following costs as of
June 1, 200X:
•Material $ 6
•Labor 4
•Overhead 2
Beginning inventory at these costs on June 1 was 5,000 units. From June 1 to July 1, CMS produced 17,000 units. These units had a material cost of $12 per unit. The costs for labor = 6 and overhead were 7. CMS uses FIFO inventory accounting. Assuming that CMS sold 18,000 units during the last six months of the year at $25 each,
What would gross profit be?