Use the Following Information for Questions
Dolan Corporation Adopted

question 89

Multiple Choice

Use the following information for questions
Dolan Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2005.Its inventory at that date was $220,000 and the relevant price index was 100.Information regarding inventory for subsequent years is as follows: $\begin{array}{lrr}& \text { Inventory at } & \text { Current } \\\text { Date } & \text { Current Prices } & \text { Price Index }\\\text { December 31, 2006 } & \$ 256,800 & 107 \\\text { December 31, 2007 } & 290,000 & 125 \\\text { December 31,2008 } & 325,000 & 130\end{array}$
-What is the cost of the ending inventory at December 31, 2007 under dollar-value LIFO?

• A)$232,000.
• B)$231,400.
• C)$232,840.
• D)$240,000.

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Definitions:

Square Yards

A unit of area measurement equal to a square measuring one yard on each side, used in both the U.S. customary and British imperial systems.

Herb Garden

A dedicated garden space for growing herbs, often used for culinary, medicinal, or aromatic purposes.

Square Feet

A unit of area measurement equivalent to a square measuring one foot on each side.

Mixed Numbers

Numbers consisting of an integer and a fraction together, representing a value greater than or equal to one.