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Problem - Acute Company manufactures a single product. On December 31, 2018, Acute adopted the dollar-value LIFO inventory method. It computes the inventory on that date using the dollar-value LIFO inventory method as $300,000. Inventory data for succeeding years are as follows:
Year Ended December 31,
Inventory at Respective Year-End Prices
Relevant Price Index (Base Year 2018)
2019
$363,000
1.10
2020
420,000
1.20
2021
430,000
1.25
Required - Compute the inventory amounts at December 31, 2019, 2020, and 2021 using the dollar-value LIFO inventory method for each year.
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