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Prior to 2020, Oscar used the FIFO cost flow assumption. At the beginning of 2020, Oscar decided to use the dollar value LIFO method for
Prior to 2020, Oscar used the FIFO cost flow assumption. At the beginning of 2020, Oscar decided to use the dollar value LIFO method for reporting purposes. At the time of the adoption of dollar-value LIFO, Oscar has an $800,000 balance in their inventory account. Its inventory as of December 31, 2020, was $811,200 at year-end costs and the cost index was 1.03. What was dollar-value LIFO inventory amount on December 31, 2020? (round answer to the nearest whole dollar)
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