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Pharoah Company manufactures one product. On December 31, 2019, Pharoah adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO
Pharoah Company manufactures one product. On December 31, 2019, Pharoah 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 | $1,266,300 | 1.05 | ||||
2021 | 1,780,200 | 1.15 | ||||
2022 | 1,915,000 | 1.25 |
Compute the inventory at December 31, 2020, 2021, and 2022, using the dollar-value LIFO method for each year.
Inventory at December 31, 2020 | $ | |
Inventory at December 31, 2021 | $ | |
Inventory at December 31, 2022 | $ |
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