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Question - Fireland Inc. produces a single product. On December 31, 2018 the company adopted the dollar-value LIFO method of accounting for inventory. The inventory on hand on that date using the dollar-value LIFO inventory method was $500,000. Inventory data for 2018 through 2021 is given below:
DATE
CURRENT $
PRICE INDEX
BASE YEAR $
CHANGE
Dec. 31, 2018
$500,000
100
-
Dec. 31, 2019
$644,000
115
$560,000
+$60,000
Dec. 31, 2020
$660,000
120
$550,000
-$10,000
Dec. 31, 2021
$741,000
130
$570,000
+$20,000
Required - Calculate the inventory at December 31, 2018, 2019, 2020 and 2021, using the dollar-value LIFO method for each year.
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