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Question - Cullumber Company manufactures one product. On December 31, 2019, Cullumber adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $1,030,000. Inventory data are as follows:
Year Inventory at year-end prices Price index (base year 2019)
2020 $1,253,700 1.05
2021 1,835,400 1.15
2022 1,990,000 1.25
Compute the inventory at December 31, 2020, 2021, and 2022, using the dollar-value LIFO method for each year.
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