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Compute the inventory amounts at december

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Problem - Acute Company manufactures a single product. On December 31, 2018, Acute adopted the dollar-value LIFO inventory method. It computes the inventory on that date using the dollar-value LIFO inventory method as $300,000. Inventory data for succeeding years are as follows:

Year Ended December 31,

Inventory at Respective Year-End Prices

Relevant Price Index (Base Year 2018)

2019

$363,000

1.10

2020

420,000

1.20

2021

430,000

1.25

Required - Compute the inventory amounts at December 31, 2019, 2020, and 2021 using the dollar-value LIFO inventory method for each year.

Reference no: EM132882783

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