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Coronado Industries had January 1 inventory of $300000 when it adopted dollar-value LIFO. During the year, purchases were $1830000 and sales were $3070000. December 31

Coronado Industries had January 1 inventory of $300000 when it adopted dollar-value LIFO. During the year, purchases were $1830000 and sales were $3070000. December 31 inventory at year-end prices was $388640, and the price index was 112. What is Coronado Industries’s gross profit? please show work

 

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