Use the Following Information for

question 15

Multiple Choice

Use the following information for
Ely 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 $126,500, and the price index was 110.
-What is Ely Company's ending inventory?

• A)$110,000.
• B)$115,000.
• C)$116,500.
• D)$126,500.

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Credibility

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is a sum of money borrowed that is expected to be paid back with interest.