Granger Company had January $1$ inventory of $$150,000$ when it adopted dollar$-$value LIFO. During the year, purchases were $$900,000$ and sales were $$1,500,000.$ December $31$ inventory at year$-$end prices was $$154,000,$ and the price index was $110.$ What is Granger Company's LIFO ending inventory and gross profit?

Answer rating: 100% (QA)

To calculate Granger Companys LIFO ending inventory and gross profit we need to follow these steps 1 ... View the full answer