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 $288000 and $443000 and the year-end price indices were 1.0 and 1.2, respectively. Assuming the current inventory at end of year prices equals $640000 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.)

$563941.

$567691.

$530191.

$556891.

At December 31, 2020, Blossom Company has outstanding noncancelable purchase commitments for 38,400 gallons, at $ 3.60 per gallon, of raw material to be used in its manufacturing process. The company prices its raw material inventory at cost or market, whichever is lower. Assuming that the market price as of December 31, 2020, is $ 3.24, record the journal entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,225.)

Give the entry in January 2021, when the 38,400-gallon shipment is received, assuming that the situation given in (b2) above existed at December 31, 2020, and that the market price in January 2021 was $ 3.24 per gallon. Prepare the journal entry for when the materials are received in January 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,225.)