Opera corp uses dollar-value lifo method of computing its, Accounting Basics

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Opera corp uses dollar-value lifo method of computing its

Problem

Opera Corp. uses dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows:

Year ended December 31	Inventory at End-of-year Prices	Price Index
2016	$ 650,000	1.00
2017	1,260,000	1.05
2018	1,350,000	1.10

What is the 2018 inventory balance using dollar-value LIFO?

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Accounting Basics: Opera corp uses dollar-value lifo method of computing its

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Accounting Basics: Opera corp uses dollar-value lifo method of computing its

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