18. On December 31, 2019, the inventory of Powhattan Company amounts to $800,000. During 2020, the company decides to use the dollar-value LIFO method of costing inventories. On December 31, 2020, the inventory is $1,053,000 at December 31, 2020, prices. Using the December 31, 2019, price level of 100 and the December 31, 2020, price level of 108, compute the inventory value at December 31, 2020, under the dollar-value LIFO method. 19. In an article that appeared in the Wall Street Journal, the phrases phantom (paper) profits and "high LIFO profits through involuntary liquidation were used. Explain these phrases. 20. At the balance sheet date, Clarkson Company held title to goods in transit amounting to $214,000. This amount was omitted from the purchases figure for the year and also from the ending inventory. What is the effect of this omission on the net income for the year as calculated when the books are closed? What is the effect on the company's financial position as shown in its balance sheet? Is materiality a factor in determining whether an adjustment for this item should be made