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

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

Sheffield Corp. uses dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows: Year ended December 31 2019 2020 2021 Inventory at End-of-year Prices $ 646000 1263000 1355250 Price Index 1.01 1.06 1.11 What is the 2020 inventory balance using dollar-value LIFO? (Round intermediate calculations and final answer to 0 decimal places, e.g. 10,000.) O $1224240. O $1250495. O $1275495. O $1254240

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