On December 31, 2016, Fern Company adopted the dollar-value LIFO inventory method. All of Fern's inventories constitute a single pool. The inventory on December 31, 2016, using the dollar-value LIFO inventory method was $600,000. Inventory data for 2017 are as follows:
December 31, 2017, inventory at year-end prices....................................$780,000
Relevant price index at year-end (base year 2016) ........................................1.20
Required:
Under the dollar-value LIFO inventory method, what would Fern's inventory be at December 31, 2017?