Question
Blossom Company has a January 1 inventory of $290000 when it adopted dollar-value LIFO. During the year, purchases were $1700000 and sales were $2900000. December
Blossom Company has a January 1 inventory of $290000 when it adopted dollar-value LIFO. During the year, purchases were $1700000 and sales were $2900000. December 31 inventory at year-end prices was $367200, and the price index was 108.
What is Blossom Company's gross profit?
$1249000
$2556000
$1277200
$1254000
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Financial Accounting Tools For Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
2nd Edition
0471347744, 978-0471347743
