What is terry ending inventory and gross profit-respectively

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Terry Company had January 1 inventory of $100,000 when it adopted dollar-value LIFO. During the year, purchases were $600,000 and sales were $1,000,000. December 31 inventory at year-end prices was $143,360, and the price index was 112 (Price Index for base year = 100). What is Terry’s ending inventory and gross profit, respectively?

Reference no: EM131255843

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