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Question - Crane Company manufactures one product. On December 31, 2019, Crane adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $940,000. Inventory data are as follows:
Year
Inventory at year-end prices
Price index (base year 2019)
2020
$1,285,200
1.05
2021
1,784,800
1.15
2022
2,025,000
1.25
Required - Compute the inventory at December 31, 2020, 2021, and 2022, using the dollar-value LIFO method for each year.
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