Question: Using the dollar value LIFO method - on 1/1/19 - This company uses internal cost indexes and multiple pools approach. The following info is for

Using the dollar value LIFO method - on 1/1/19 - This company uses internal cost indexes and multiple pools approach. The following info is for pool #3 for the next 2 years. Following adoption of LIFO.

Current cost Base year Cost index

1/1/19 $300,000 $300,000 1

12/31/19 $345,600 $320,000 1.08

12/31/20 $420,000 $350,000 1.20

What is the inventory on 12/31/19 using the dollar value LIFO method?

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