Question
Swifty Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1150000 and the relevant price
Swifty Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1150000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Date Inventory at Current Prices Current Price Index
December 31, 2020 $1285000 106
December 31, 2021 1421000 124
December 31, 2022 1621000 129
What is the cost of the ending inventory at December 31, 2020 under dollar-value LIFO? (Round intermediate calculations and final answer to 0 decimal places, e.g. 10,000.)
$1212264.
$1219000.
$1216000.
$1285000.
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