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Coronado Industries had January 1 inventory of $294000 when it adopted dollar-value LIFO. During the year, purchases were $1800000 and sales were $3020000. December 31

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Coronado Industries had January 1 inventory of $294000 when it adopted dollar-value LIFO. During the year, purchases were $1800000 and sales were $3020000. December 31 inventory at year-end prices was $423500, and the price index was 110. What is Coronado Industries's gross profit? $1349500. $1248000. $1320100. $2625900

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