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Swifty Corporation had January 1 inventory of $298000 when it adopted dollar-value LIFO. During the year, purchases were $1900000 and sales were $2950000. December

Swifty Corporation had 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 Swifty Corporation's gross profit? O $1348000. $1140200. $2561800. $1170000.

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