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Aber Company manufactures one product. On December 31, 2019, Aber adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $900,000. Inventory data are as follows:
Year Inventory at Price index (base year2019) year-end prices.
2020 $1,260,000 1.052021 1,840,000 1.152022 1,900,000 1.25
Problem 1: Compute the inventory at December 31, 2020, 2021, and 2022, using the dollar-value LIFO method for each year.
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