Question: Farr Co. adopted the dollar-value LIFO inventory method on December 31, 2012. Farr's entire inventory constitutes a single pool. On December 31, 2012, the inventory

Farr Co. adopted the dollar-value LIFO inventory method on December 31, 2012. Farr's entire inventory constitutes a single pool. On December 31, 2012, the inventory was $480,000 under the dollar-value LIFO method. Inventory data for 2013 are as follows: 12/31/13 inventory at year-end prices $660,000 Relevant price index at year end (base year 2012) 110 Using dollar value LIFO, Farr's inventory at December 31, 2013 is? Please show your work step-by-step. A) $600,000. B) $528,000. C) $612,000. D) $660,000

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