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On January 1,2019, Life Lifey adopted the Dollar-Value Inventory method. Life Lifey entire inventory...

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Accounting

On January 1,2019, Life Lifey adopted the Dollar-Value Inventory method. Life Lifey entire inventory constitutes a single pool. Inventory Data for 2019 and 2020 are as follows:-
Life Lifey
Date Inv. At Current Inv.At Based Date
Year Cost Year Cost
1/01/19` $250,000 $250,000
12/31/19 $300,000 $275,000
12/31/20 $350,000 $325,000
1. What is Price Index for each year, 2. What is the Dollar Value LIFO inventory value at Dec. 31,2020?

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