Question: Lemon Co. uses the dollar-value LIFO inventory method, which it adopted on December 31, 2020. Lemon's entire inventory constitutes a single dollar-value LIFO pool. On
Lemon Co. uses the dollar-value LIFO inventory method, which it adopted on December 31, 2020. Lemon's entire inventory constitutes a single dollar-value LIFO pool. On December 31, 2020 the inventory was $1,200,000 under the dollar-value LIFO method. Inventory data for 2021 are as follows: 12/31/21 inventory at year-end prices $ 1,450,000 Relevant price index at year end (base year 2020) 110 Using dollar value LIFO, Lemon's inventory at December 31, 2021 is $_____________. (In your cacluations, round all amounts to the nearest dollar.)
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