Question: Farr Co. adopted the dollar-value LIFO inventory method on December 31, 2014. Farr's entire inventory constitutes a single pool. On December 31, 2014, the inventory

Farr Co. adopted the dollar-value LIFO inventory method on December 31, 2014. Farr's entire inventory constitutes a single pool. On December 31, 2014, the inventory was $480,000 under the dollar-value LIFO method. Inventory data for 2015 are as follows:

12/31/15: Inventory at year-end prices $660,000

Relevant price index at year end (base year 2014) 110

Using dollar-value LIFO, what is Farr's inventory at December 31,2015?

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