2) Sterling Products, Inc. adopted the dollar-value LIFO method of computing inventory on January 1,...
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2) Sterling Products, Inc. adopted the dollar-value LIFO method of computing inventory on January 1, 2018. Inventory on January 1st was $322,000. Year-end inventories at year-end costs and cost indexes were as follows:
Date
Inventory Year-End Costs
Cost Index
2018
$ 344,000
1.04
2019
355,000
1.05
2020
361,000
1.07
What is the ending inventory at December 31, 2018, 2019, and 2020 using the dollar-value LIFO method?
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