Question
Marigold Corp. had January 1 inventory of $309000 when it adopted dollar-value LIFO. During the year, purchases were $1720000 and sales were $3010000. December 31
Marigold Corp. had January 1 inventory of $309000 when it adopted dollar-value LIFO. During the year, purchases were $1720000 and sales were $3010000. December 31 inventory at year-end prices was $438900, and the price index was 114. What is Marigold Corp.s gross profit? $1376640. $1168000. $2614360. $1419900.
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Corporate Financial Reporting And Analysis A Global Perspective
Authors: S. David Young, Jacob Cohen, Daniel A. Bens
4th Edition
1119494575, 978-1119494577
