On January 1, 2014, ABC Company’s first day of operations, the company purchased $250,000 of finishe
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On January 1, 2014, ABC Company’s first day of operations, the company purchased $250,000 of finished goods inventory The company decided to employ the dollar-value LIFO method for reporting its inventory The following table includes inventory information from 2014-2017:
Date
Inventory at current cost
Cost index
12/31/14
$315,000
105
12/31/15
$378,000
108
12/31/16
$352,000
110
12/31/17
$421,200
117
A Determine the appropriate inventory valuation at 12/31/14
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