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Granger Company had January 1 inventory of $ 1 5 0 , 0 0 0 when it adopted dollar - value LIFO. During the year,

Granger Company had January 1 inventory of $150,000 when it adopted dollar-value LIFO. During the year, purchases were $900,000 and sales were $1,500,000. December 31 inventory at year-end prices was $154,000, and the price index was 110. What is Granger Company's LIFO ending inventory and gross profit?

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