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Crane Company had a January 1 inventory of $298000 when it adopted dollar-value LIFO. During the year, purchases were $1760000 and sales were $3040000. December 31 inventory at year-end prices was $390880, and the price index was 112. What would be reported for Crane Company's ending inventory? a) $355120 b)$349000 c) $390880 d)$327800

Crane Company had a January 1 inventory of $298000 when it adopted dollar-value LIFO. During the year, purchases were $1760000 and sales were $3040000. December 31 inventory at year-end prices was $390880, and the price index was 112. What would be reported for Crane Company's ending inventory? a) $355120 b)$349000 c) $390880 d)$327800

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....
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Crane Company had a January 1 inventory of $298000 when it adopted dollar-value LIFO. During the year, purchases were $1760000 and sales were $3040000. December 31 inventory at year-end prices was $390880, and the price index was 112. What would be reported for Crane Company's ending inventory? a) $355120 b)$349000 c) $390880 d)$327800
Transcribed Image Text:Crane Company had a January 1 inventory of $298000 when it adopted dollar-value LIFO. During the year, purchases were $1760000 and sales were $3040000. December 31 inventory at year-end prices was $390880, and the price index was 112. What would be reported for Crane Company's ending inventory? a) $355120 b)$349000 c) $390880 d)$327800
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