Sheridan Company uses dollar-value LIFO method of computing its inventory cost. Data for the past three years is as follows:
Year ended December 31 Inventory at End-of-year Prices Price Index
2019 $ 648000 1.02
2020 1262000 1.07
2021 1347250 1.12
What is the 2020 inventory balance using dollar-value LIFO? (Round intermediate calculations and final answer to 0 decimal places, e.g. 10,000.)
$1246640.
$1262255.
$1237255.
$1216640.
