Reese's Corporation uses the dollar - value LIFO method of computing its inventory cost. Data for the past three years is as follows: Year ended Inventory at Price December 31. End-of-year Prices Index Year 1 $650,000 100% Year 2 1,260,000 105% Year 31,350, 250 110% ROUND ALL AMOUNTS TO WHOLE DOLLARS (NO CENTS) What is the year 2 inventory balance using dollar - value LIFO? inventory balance using dollar - value LIFO? What is the year 3

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.