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Question - Dollar-Value LIFO - Belstock Company manufactures one product. On December 31, 2018, Belstock adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $200,000. Inventory data for succeeding years are as follows:
Year
Inventory at Respective Year-End Prices
Price Index (Base Year 2018)
2019
$220,500
1.05
2020
299,000
1.15
2021
300,000
1.20
Required - Compute the ending inventory using the dollar-value LIFO method for 2019, 2020, and 2021.
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