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8 On January 1, Year 1, when the inventory balance was $27,000, Company adopted dollar-value...

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Accounting

8 On January 1, Year 1, when the inventory balance was $27,000, Company adopted dollar-value LIFO. The company reported the following information after adoption.

Date Inventory balance Price Index
December 31, Year 1 $33,000 1.10
December 31, Year 2 40,000 1.25

Determine the inventory under dollar-value LIFO at December 31, Year 2.

Note: Give your answer using dollar signs and commas but no decimal points (cents). Example: $12,345

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