Use the Following Information for Questions 125 Through 127

question 75

Multiple Choice

Use the following information for questions 125 through 127.
Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Its inventory at that date was $550,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows:
-What is the cost of the ending inventory at December 31, 2016 under dollar-value LIFO?

• A) $640,600.
• B) $637,000.
• C) $625,000.
• D) $658,500.

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Definitions:

Electricity

A form of energy resulting from the existence of charged particles such as electrons or protons, characterized by its ability to perform work, such as powering electrical devices.

BTUs

Stands for British Thermal Units, a unit of measure used to describe the heat value of fuels or energy sources.

Goods And Services

Tangible products and intangible activities provided to satisfy the wants and needs of consumers.