As of December 31, Year One, a company holds 20,000 items of a variety of inventory items having an average cost of $10. During Year Two, the company buys several hundred thousand more items with an average cost of $12. A physical inventory is taken on December 31, Year Two and the ending inventory has a value of $360,000. If dollar-value LIFO is being used, what is reported on the balance sheet as of December 31, Year Two ?
