GrossCorporationadoptedthedollar-valueLIFOmethodofinventoryvaluationonDecember31,2011.Itsinventoryatthatdatewas$440,000andtherelevantpriceindexwas100....
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GrossCorporationadoptedthedollar-valueLIFOmethodofinventoryvaluationonDecember 31,2011.Itsinventoryatthatdatewas$4

40,000andtherelevantpriceindexwas100. Informationregardinginventoryforsubsequentyearsisasfollows:

Inventoryat           Current

CurrentPrices       PriceIndex


December31,2012                                 $513,600                     107

December31,2013                                   580,000                     125

December31,2014                                   650,000                     130



80.  Whatisthecostoftheending inventory atDecember 31,2013underdollar value

LIFO?

A)

$464,000.

B)

$462,800.

C)

$465,680.

D)

$480,000.

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20191003 1 LIFO.png

Amount
Amount
Year
Balance
Buy minus Sell
Balance
Buy minus Sell
Value
Index
Unit
Unit
Value
Value
Index
Unit
Unit
Value
2011
440000
100
440000
*given
*given
=B4/C4*100
2012
513600
107
480000...

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