Ely company had january 1 inventoy of 100000 when it, Ask an Expert

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Ely company had January 1 inventoy of $100,000 when it adopted dollar-value LIFO. During the year, purchases were $600,000 and sales were $1,000,000. December 31 inventoy at year-end prices was $126,500, and the price index was 110. What is Ely Company gross profit?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M991110

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