Question
Sandhill Company manufactures one product. On December 31, 2019, Sandhill adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO
Sandhill Company manufactures one product. On December 31, 2019, Sandhill adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $960,000. Inventory data are as follows: Year Inventory at year-end prices Price index (base year 2019) 2020 $1,285,200 1.05 2021 1,794,000 1.15 2022 1,920,000 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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