49. Milford Company had 600 units of Tang in its inventory at a cost of $6 each. It purchased 900 more units of Tang at a cost of $9 each. Milford then sold 1,050 units at a selling price of $15 each. The LIFO liquidation overstated normal gross profit by

50. Using the following facts for numbers 50 and 51. RF Company had January 1 inventory of $300,000 when it adopted dollar-value LIFO. During the year, purchases were $1,800,000 and sales were $3,000,000. December 31 inventory at year-end prices was $430,080, and the price index was 112.

What is RF Companys ending inventory?

51. Using the following facts for numbers 50 and 51. RF Company had January 1 inventory of $300,000 when it adopted dollar-value LIFO. During the year, purchases were $1,800,000 and sales were $3,000,000. December 31 inventory at year-end prices was $430,080, and the price index was 112.

What is RF Companys gross profit?