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Crane Company had January 1 inventory of $292000 when it adopted dollar-value LIFO. During the...

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Accounting

Crane Company had January 1 inventory of $292000 when it adopted dollar-value LIFO. During the year, purchases were $1830000 and sales were $3100000. December 31 inventory at year-end prices was $423500, and the price index was 110. What is Crane Companys ending inventory?

a. $423,500

b. 394,300

c. 292,000

d. 385,000

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