When it adopted dollar-value lifo

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Reference no: EM131267974

Hay Company had January 1 inventory of $300,000 when it adopted dollar-value LIFO. During the year, purchases were $1,800,000 and sales were $3,000,000. December 31 inventory at year-end prices was $379,500, and the price index was 110.

What is Hay Company’s gross profit? please show work

a. 1,279,500

b. 1,245,000

c. 2,650,500

d. 1,249,500

Reference no: EM131267974

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When it adopted dollar-value lifo : Hay Company had January 1 inventory of $300,000 when it adopted dollar-value LIFO. During the year, purchases were $1,800,000 and sales were $3,000,000. December 31 inventory at year-end prices was $379,500, and the price index was 110. What is Hay C..

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