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Sunland Company manufactures one product. On December 31, 2019, Sunland adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO
Sunland Company manufactures one product. On December 31, 2019, Sunland adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $990,000. Inventory data are as follows:
Year | Inventory at year-end prices | Price index (base year 2019) | ||||
2020 | $1,253,700 | 1.05 | ||||
2021 | 1,840,000 | 1.15 | ||||
2022 | 1,950,000 | 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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