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Determine the Kern inventory on December

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Problem - On December 31, 2018, Kern Company adopted the dollar-value LIFO inventory method. All of Kern's inventories constitute a single pool. The inventory on December 31, 2018, using the dollar-value LIFO inventory method was $600,000. Inventory data for 2019 are as follows:

Dec. 31, 2019 inventory at year-end prices $780,000

Relevant cost index at year-end (base year 2018) 120

Under the dollar-value LIFO inventory method, Kern's inventory method, determine the Kern's inventory on December 31, 2019?

Reference no: EM132882663

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