Walt Co. adopted the dollar-value LIFO inventory method as of January 1, 2007, when its inventory was measured at $500,000. Walt s entire inventory constitutes a single pool. Using a relevant price index of 1.10, Walt determined that its December 31, 2007 inventory was $577,500 at current-year cost, and $525,000 at base-year cost. What was Walt s dollar-value LIFO inventory at December 31, 2007?
A. $525,000
B. $527,500
C. $552,500
D. $577,500