Business, 14.04.2020 23:04 briannabo08
Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $1,100,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Inventory at Current Date Current Prices Price Index December 31, 2020 $1,284,000 1.07 December 31, 2021 1,450,000 1.25 December 31, 2022 1,625,000 1.30 What is the cost of the ending inventory at December 31, 2020 under dollar-value LIFO?
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