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Can you help me understand WHY and HOW the answer is $1207000 Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31,
Can you help me understand WHY and HOW the answer is $1207000
Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $ 1100000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Inventory at Current Prices Current Price Index Date December 31, 2020 $ 1284000 107 December 31, 2021 1450000 125 December 31, 2022 1625000 130 What is the cost of the ending inventory at December 31, 2020 under dollar-value LIFO? (Round intermediate calculations and final answer to O decimal places, eg. 10,000.) $1177000. $ 1284000. $ 1207000. $ 1200000Step by Step Solution
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