I would greatly appreciate it if someone could explain how to work out this question. Thank you!

Concord Corporation had January 1 inventory of $308000 when it adopted dollar-value LIFO. During the year, purchases were $1890000 and sales were $3020000. December 31 inventory at year-end prices was $426800, and the price index was 110. What is Concord Corporation's ending inventory? $388000 o $396000. $308000. 0 $426800. e Textbook and Media Attempts: 1 of 2 used Save for Later Submit Answer Using multiple attempts will impact your score. 5% score reduction after attempt 1