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Brown Corporation Elected Dollar-Value LIFO in 2009 Compute the LIFO Inventory at the End of 2014

Question 97

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Brown Corporation elected dollar-value LIFO in 2009.Its ending inventory at base year cost and its LIFO indexes are as follows:
(3)=(1)/(2) Ending Inventory (2) Ending Inventory @  At End of the Year Prices  LIFO Index  Base Year Prices 2009$1,000,0001.00$1,000,00020101,100,0001.061,037,73620111,200,0001.101,090,90920121,300,0001.111,171,17120131,250,0001.201,041,66720141.550,0001.231.260.163\begin{array}{llll}&&& (3)=(1) /(2) \\&\text { Ending Inventory } & (2) &\text { Ending Inventory @ }\\&\text { At End of the Year Prices } & \text { LIFO Index } &\text { Base Year Prices }\\2009 & \$ 1,000,000 & 1.00 & \$ 1,000,000 \\2010 & 1,100,000 & 1.06 & 1,037,736 \\2011 & 1,200,000 & 1.10 & 1,090,909 \\2012 & 1,300,000 & 1.11 & 1,171,171 \\2013 & 1,250,000 & 1.20 & 1,041,667 \\2014 & 1.550,000 & 1.23 & 1.260 .163\end{array} Compute the LIFO inventory at the end of 2014.

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