Question: 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

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 current year   Prices Index

2019                                                         $ 650,000                          1.00

2020                                                         1,260,000                          1.05

2021                                                         1,350,250                          1.10

What is the 2020 inventory balance using dollar-value LIFO?

 

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