Question
Vaughn Manufacturing adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1150000 and the relevant price
Vaughn Manufacturing 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 December 31, 2020 Inventory at Current Prices Current Price Index $1289000 108 December 31, 2021 1482000 126 December 31, 2022 1624000 131 What is the cost of the ending inventory at December 31, 2020 under dollar-value LIFO? (Round intermediate calculations and final answer to O decimal places, eg. 10.000.) O $1193519. $1197001 O $1242000. $1289000)
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