2. Chase Company manufactures one product. On December 31, 2018, Chase adopted the dollar-value LIFO...
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2. Chase Company manufactures one product. On December 31, 2018, Chase adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $850,000. Inventory data are as follows: Inventory at Price index Year year-end prices (base year 2018) 2019 $1,050,000 1.05 2020 1,120,000 1.15 2021 1,340,000 1.20 Required: Compute the inventory at December 31, 2019, 2020 and 2021, using the dollar-value LIFO method for each year.
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