Question: Opera Corp. uses the dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows: Year ended December 31

Opera Corp. uses the dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows:

Year ended December 31 Inventory at End-of-year Prices Price Index
2016 $ 650,000 1.00
2017 1,260,000 1.05
2018 1,350,250 1.10

What is the 2016 inventory balance using dollar-value LIFO?

 $1,350,000.

$619,040.

$1,227,270.

$650,000.

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