Sheridan Company uses dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows:

Year ended December 31 Inventory at End-of-year Prices Price Index

2019 $ 648000 1.02

2020 1262000 1.07

2021 1347250 1.12

What is the 2020 inventory balance using dollar-value LIFO? (Round intermediate calculations and final answer to 0 decimal places, e.g. 10,000.)

$1246640.

$1262255.

$1237255.

$1216640.