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2. The Greene Co. started using the dollar-value LIFO method of inventory in 2005, with ending inventory of $100,000. In 2006 the amount of inventory
2. The Greene Co. started using the dollar-value LIFO method of inventory in 2005, with ending inventory of $100,000. In 2006 the amount of inventory in base year dollars increased by $40,000. In 2007 the amount of inventory in base year dollars decreased by $30,000. Which of the following is true when computing the ending inventory for 2007. a. The ending inventory for 12/31/2007 will consist of layers from 2005, 2006 and 2007 b. The ending inventory for 12/31/2007 will consist of layers from 2005 and 2007 only. e. The ending inventory for 12/31/2007 will consist of layers from 2005 and 2006 only. d. The ending inventory for 12/31/2007 will consist of only a 2007 layer
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