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Concord Corporation began using dollar-value LIFO for costing its inventory two years ago. The ending inventory for the past two years in end-of-year dollars was
Concord Corporation began using dollar-value LIFO for costing its inventory two years ago. The ending inventory for the past two years in end-of-year dollars was $293000 and $458000 and the year-end price indices were 1.0 and 1.2, respectively. Assuming the current inventory at end of year prices equals $643000 and the index for the current year is 1.25, what is the ending inventory using dollar-value LIFO? (Round intermediate calculations and final answer to 0 decimal places, e.g. 10,000.)
$569066.
$531566.
$565316.
$558266
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