Problem
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
End-of-year Prices
|
Price
Index
|
|
2016
|
$ 650,000
|
1.00
|
|
2017
|
1,260,000
|
1.05
|
|
2018
|
1,350,000
|
1.10
|
What is the 2018 inventory balance using dollar-value LIFO?