On december 31 2004 kern company adopted the dollar-value, Ask an Expert

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On December 31, 2004, Kern Company adopted the dollar-value LIFO inventory method. All of Kern's inventories constitute a single pool. The inventory on December 31, 2004, using the dollar-value LIFO inventory method was $600,000. Inventory data for 2005 are as follows:

2/31/05 inventory at year-end prices $780,000
Relevant price index at year-end (base year 2004) 120

Under the dollar-value LIFO inventory method, what Kern's inventory at December 31, 2005, would be ?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M953483

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