Question
Wildhorse Company manufactures one product. On December 31, 2019, Wildhorse adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO
Wildhorse Company manufactures one product. On December 31, 2019, Wildhorse adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $1,050,000. Inventory data are as follows:
Year Inventory at
year-end prices Price index
(base year 2019)
2020 $1,272,600 1.05
2021 1,784,800 1.15
2022 1,915,000 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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