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Torsten Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2020. Its...

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Accounting

Torsten Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2020. Its inventory at that date was $550,000 and the relevant price index was 100. Information regarding inventory for subsequent years is as follows: Inventory at Date Current Prices Price Index December 31, 2021 $642,000 107 December 31, 2022 725,000 125 What is the cost of the ending inventory at December 31, 2022 under dollar-value LIFO? Question 13 options: $578,500 $600,000 $582,100 $580,000

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