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Question 23 On December 31, 2017, Keller Company adopted the dollar-value LIFO inventory method. The inventory...

Question 23

  1. On December 31, 2017, Keller Company adopted the dollar-value LIFO inventory method. The inventory on that date using dollar-value LIFO was $200,000. Inventory data for later years are as follows:

                                              Inventory at                           Price index

                Year                    year-end prices                    (base year 2017)

                2018                         $294,000                                   1.05

                2019                           368,000                                   1.15

                2020                           390,000                                   1.25

    Compute the inventory reported at December 31, 2018, 2019, and 2020, using the dollar-value LIFO method.

    December 31, 2018:

    December 31, 2019:

    December 31, 2020:

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