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What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO? Gross Corporation adopted the dollar-value LIFO method of inventory valuation
What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO?
Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1,100,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date December 31, 2020 December 31, 2021 December 31, 2022 Inventory at Current Prices $1,284,000 1,450,000 1,625,000 Current Price Index 107 125 130 What is the cost of the ending inventory at December 31, 2021 under dollar-value LIFO? $1,200,000. $1,157,000. $1,160,000. $1,164,200Step by Step Solution
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