Sunland Company manufactures one product. On December 31, 2019, Sunland adopted the dollar-value LIFO inventory...
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Accounting
Sunland Company manufactures one product. On December 31, 2019, Sunland adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $990,000. Inventory data are as follows:
Year
Inventory atyear-end prices
Price index(base year 2019)
2020
$1,253,700
1.05
2021
1,840,000
1.15
2022
1,950,000
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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