Question: Brock Co. adopted the dollar-value LIFO inventory method as of January 1, 2010. A single inventory pool and an internally computed price index are used

Brock Co. adopted the dollar-value LIFO inventory method as of January 1, 2010. A single inventory pool and an internally computed price index are used to compute Brock’s LIFO inventory layers. Information about Brock’s dollar-value inventory follows:

Inventory Date At base year cost At current year cost At dollar value LIFO 1/1/10 $40,000 $40,000 $40,000 2010 layer 5,000 14,000 6,000 12/31/10 45,000 54,000 46,000 2011 layer 15,000 26,000 ?

12/31/11 $60,000 $80,000 ?

What was Brock’s dollar-value LIFO inventory at December 31, 2011?

a. $80,000

b. $74,000

c. $66,000

d. $60,000

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