8 On January 1, Year 1, when the inventory balance was $27,000, Company adopted dollar-value...
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8 On January 1, Year 1, when the inventory balance was $27,000, Company adopted dollar-value LIFO. The company reported the following information after adoption.
Date
Inventory balance
Price Index
December 31, Year 1
$33,000
1.10
December 31, Year 2
40,000
1.25
Determine the inventory under dollar-value LIFO at December 31, Year 2.
Note: Give your answer using dollar signs and commas but no decimal points (cents). Example: $12,345
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