Question: Web World began using dollar - value LIFO for costing its inventory last year. The base year layer consists of $ 5 0 0 ,

Web World began using dollar-value LIFO for costing its inventory last year. The base year layer consists of $500,000. Assuming the current inventory at end of year prices equals $825,000 and the index for the current year is 1.20, what is the ending inventory using dollar-value LIFO?

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