Question
Ivanhoe Company had a January 1 inventory of $298000 when it adopted dollar-value LIFO. During the year, purchases were $1900000 and sales were $2950000. December
Ivanhoe Company had a January 1 inventory of $298000 when it adopted dollar-value LIFO. During the year, purchases were $1900000 and sales were $2950000. December 31 inventory at year-end prices was $418000, and the price index was 110 . What is Ivanhoe Company's gross profit?
$1170000.
$2561800.
$1102200.
$1140200.
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The Practice Of Modern Internal Auditing
Authors: Lawrence B Sawyer
1st Edition
B0006C58OA, 978-0894130120
