3. Aber Company manufactures one product. On December 31, 2016, Aber adopted the dollar-value LIFO...
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3. Aber Company manufactures one product. On December 31, 2016, Aber adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $900,000. Inventory data are as follows: Inventory at year-end prices $1.260,000 1,840,000 1,900,000 Price index Year 2017 2018 2019 1.05 1.15 1.25 Compute the inventory at December 31, 2017,2018, and 2019, using the dollar-value LIFO method for each year. Write the journal entries at the end of each year. Year Price Inventory at Inventory at Base Dollar Value Total Dollar LIFO Index Year-end Base Year Layers Value LIFo Prices 900,000 Prices 2016 1.00 2017 1.051,260,000 1,323, o 2018 1.15 1,840,000 2019 1.25 1,900,000 2,37300 21375 ooo
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