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Chavez Inc Adopted Dollar-Value LIFO on January 1, 2013, When

Question 35

Essay

Chavez Inc adopted dollar-value LIFO on January 1, 2013, when the inventory value was $850,000. The December 31, 2013, ending inventory at year-end cost was $950,000 and the cost index for the year is 1.08.
Required:
Compute the dollar-value LIFO inventory valuation (rounded) for the December 31, 2013, inventory.

Correct Answer:

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