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Compute jtgm ending inventory under the dollar-value

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Dollar-Value LIFO, No Liquidation. Joe the Grocer Markets, Inc. (JTGM) adopted the dollar-value LIFO inventory method using 2018 as the base year. JTGM uses FIFO for its internal books. Information related to its inventory is presented in the following table:

                        Ending Inventory at

                        End-of-Year Prices per            Cumulative Price

                         Year Internal Books                   Index

2018                $ 870,000                             100

2019                   980,000                           102

2020                    1,050,000                          103

Required

Question a. Compute JTGM's ending inventory under the dollar-value LIFO method for the years 2018 through 2020.

Question b. Prepare the journal entries for 2019 and 2020 to adjust inventory to the dollar-value LIFO basis.

Question c. Determine the ending balance of the LIFO reserve for 2019 and 2020.

Reference no: EM132648406

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