In 2017, Blue company adopted the Dollar-Value LIFO method for externally reporting inventory. The following data was available for the first two years in which Blue used Dollar-Value LIFO:

Ending inventory

Year at year end costs Price index

12/31/17 $300,000 1.00

12/31/18 $345,600 1.08

Under the Dollar-Value LIFO method, at what amount should Blue record ending inventory as of DEC 31, 2018?

Gooim, co, uses a periodic inventory system. IN 2018, the internal auditors of Gooim, discovered the following two errors related to the 2017 fianacial statements:

(1) a $35 million purchase of inventory was recorded for $20 million and

(2) ending inventory was understand by $6 million

The journal entry needed in 2018 to correct these errors would included which of the follwing

Debit ?, Credit ?

During 2018, Blud corp paid $18,000,000 in cash to acquire a manufacturing plant, which consisted of both a tract of land and a building, in a lump sum purchase.. At what value should the land be recorded on Blue's books, assuming the land and building have the following fair marketing values if purchased separately?

land : $6,600,000

building : $15,4,00,000