Gross Corporation adopted the dollar-value LIFO method of inventory valuation on Dec 31, 2016. Its inventory at that date was $1,100,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:

Date	Inventory at Current Prices	Current Price Index
December 31, 2017	$1,284,000	107
December 31, 2018	$1,450,000	125
December 31, 2019	$1,625,500	130

1. What is the cost of ending inventory December 31, 2017 under Dollar-value LIFO method?

2. What is the cost of ending inventory December 31, 2018 under Dollar-value LIFO method?

3. What is the cost of ending inventory December 31, 2019 under Dollar-value LIFO method?

Answer rating: 100% (QA)

1 The cost of ending inventory on December 31 2017 under the dollarvalue LIFO method is 1257000 2 Th... View the full answer