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Aber Company manufactures one product. On December 31, 2011, Aber adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO
Aber Company manufactures one product. On December 31, 2011, Aber adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $270,000. Inventory data are as follows:
Inventory at Price index
Year year-end prices (base year 2011)
2012 $378,000 1.05
2013 552,000 1.15
2014 575,000 1.25
REQUIRED:
Compute the inventory at December 31, 2012, 2013, and 2014, using the dollar-value LIFO method for each year.
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