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What is the inventory balance using dollar-value lifo

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Reference no: EM131800460

Problem

Opera Corp. uses dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows:

Year ended December 31

Inventory at End-of-year Prices

Price Index

2016

$ 650,000

1.00

2017

1,260,000

1.05

2018

1,350,250

1.10

What is the 2017 inventory balance using dollar-value LIFO?

$1,227,500.
$1,260,000.
$1,257,500.
$1,285,000.

Reference no: EM131800460

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