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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.
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