Hay Company had January 1 inventory of $180,000 when it adopted dollar-value LIFO. During the year, purchases

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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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Financial Accounting Information For Decisions

ISBN: 978-0324672701

6th Edition

Authors: Robert w Ingram, Thomas L Albright

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Posted Date: Jan 20, 2021 03:51 PM

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Hay Company had January 1 inventory of $180,000 when it adopted dollar-value LIFO. During the year, purchases

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Gross profit 747000 Solution Under dollarvalue LIFO method inventory value is adjus... View the full answer

Financial Accounting Information For Decisions

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