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Crane Company had a January 1 inventory of $296000 when it adopted dollar-value LIFO. During the year, purchases were $1760000 and sales were $3010000.

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Crane Company had a January 1 inventory of $296000 when it adopted dollar-value LIFO. During the year, purchases were $1760000 and sales were $3010000. December 31 inventory at year-end prices was $422910, and the price index was 111. What is Crane Company's gross profit?

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