Solution-Compute the ending inventory on a dollar-value LIFO

Compute the ending inventory on a dollar-value LIFO

Reference no: EM133176201

Question - Computing Ending Inventory using Dollar-Value LIFO - On January 1, 2020, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory (the base inventory for LIFO purposes) was $112,000. The following information is available from Benn's records for the years 2020 through 2023.

Year	Ending Inventory on a FIFO Basis	Price Index
2020	$132,000	1.1
2021	139,200	1.2
2022	161,200	1.3
2023	160,000	1.2

Required - Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2023.

Reference no: EM133176201

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Compute the ending inventory on a dollar-value LIFO

Reference no: EM133176201

Reference no: EM133176201

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