Question
Crane Company had a January 1 inventory of $298000 when it adopted dollar-value LIFO. During the year, purchases were $1760000 and sales were $3040000. December
Crane Company had a January 1 inventory of $298000 when it adopted dollar-value LIFO. During the year, purchases were $1760000 and sales were $3040000. December 31 inventory at year-end prices was $390880, and the price index was 112. What would be reported for Crane Company's ending inventory?
a) $355120 b)$349000 c) $390880 d)$327800
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Only The Strongest Women Become Auditors
Authors: Auditor Publishing
1st Edition
1660768675, 978-1660768677
