Jenkins RV Sales Has Been Selling Large Recreational Vehicles for 20

Essay

Jenkins RV Sales has been selling large recreational vehicles for 20 years.On January 1,2015,the company had $4,630,000 in inventory (based on a FIFO valuation).While the number of recreational vehicles in Jenkins' inventory remained fairly constant throughout 2015,by December 31,2015 RV prices were 6% higher than at the beginning of the year.The company reported cost of goods sold for 2015 of $19,500,000.
Required:
Calculate the amount of realized holding gains in 2015 income for Jenkins RV Sales.