Question
Hay Company had January 1 inventory of $180,000 when it adopted dollar-value LIFO. During the year, purchases were $1,080,000 and sales were $1,080,000. December 31
Hay Company had January 1 inventory of $180,000 when it adopted dollar-value LIFO. During the year, purchases were $1,080,000 and sales were $1,080,000. December 31 inventory at year end prices was $222,700 and the price index was 110.
1). What is Hay Company's ending inventory?
2). What is Hay Company's gross profit?
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Gross profit 747000 Solution Under dollarvalue LIFO method inventory value is adjus...
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Financial Accounting Information For Decisions
Authors: Robert w Ingram, Thomas L Albright
6th Edition
9780324313413, 324672705, 324313411, 978-0324672701
