On January 1, 2024, a company adopted the dollar-value LIFO method for its one inventory pool. The
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On January 1, 2024, a company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $660,000. The 2024 and 2025 ending inventory valued at year-end costs were $690,000 and $760,000, respectively. The appropriate cost indexes are 1.04 for 2024 and 1.08 for 2025.
Required:
Calculate the inventory value at the end of 2024 and 2025 using the dollar-value LIFO method.
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