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Cullumber Company had a January 1 inventory of $300000 when it adopted dollar-value LIFO. During the year, purchases were $1840000 and sales were $3090000. December 31 inventory at year-end prices was $429570, and the price index was 111. What would be reported for Cullumber Company's ending inventory? $300000 O $387000 $429570 $396570

Cullumber Company had a January 1 inventory of $300000 when it adopted dollar-value LIFO. During the year, purchases were $1840000 and sales were $3090000. December 31 inventory at year-end prices was $429570, and the price index was 111. What would be reported for Cullumber Company's ending inventory? $300000 O $387000 $429570 $396570

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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Cullumber Company had a January 1 inventory of $300000 when it adopted dollar-value LIFO. During the year, purchases were $1840000 and sales were $3090000, December 31 inventory at year-end prices was $429570, and the price index was 111. What would be reported for Cullumber Company's ending inventory? $300000 O $387000 $429570 $396570
Transcribed Image Text:Cullumber Company had a January 1 inventory of $300000 when it adopted dollar-value LIFO. During the year, purchases were $1840000 and sales were $3090000, December 31 inventory at year-end prices was $429570, and the price index was 111. What would be reported for Cullumber Company's ending inventory? $300000 O $387000 $429570 $396570
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