Convex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material $5 Labor 3 Overhead 2 $10 Beginning
Convex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material $5, Labor $3, and Overhead $2, for a total of $10. The beginning inventory at these costs on July 1 consisted of 11,500 units. From July 1 to December 1, Convex produced an additional 26,000 units, which had a material cost of $7 per unit, while the costs for labor and overhead remained the same. Convex uses FIFO (First-In, First-Out) inventory accounting.
a. Assuming that Convex sold 28,000 units during the last six months of the year at a price of $14 each, what would be the gross profit?
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