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QUESTION 1 Hay Company had January 1 inventory of $180,000 when it adopted dollar-value UFO. During the year, purchases were $1,080.000 and sales were $1,800,000.

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QUESTION 1 Hay Company had January 1 inventory of $180,000 when it adopted dollar-value UFO. During the year, purchases were $1,080.000 and sales were $1,800,000. December 31 inventory at year-end prices was $227.700, and the price index was 1.10. a) What is Hay Company's ending inventory? b) What is Hay Company's gross profit? TTT Arial 3 (12pt) TE

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