Question
Swifty Corporation had January 1 inventory of $296000 when it adopted dollar-value LIFO. During the year, purchases were $1730000 and sales were $2930000. December 31
Swifty Corporation had January 1 inventory of $296000 when it adopted dollar-value LIFO. During the year, purchases were $1730000 and sales were $2930000. December 31 inventory at year-end prices was $435480, and the price index was 114.
What is Swifty Corporation's ending inventory?
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Accounting Theory Conceptual Issues in a Political and Economic Environment
Authors: Harry I. Wolk, James L. Dodd, John J. Rozycki
9th edition
9781483375014, 1483375013, 9781506300108, 1506300103, 978-1483375021
