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Computing Ending Inventory using Dollar-Value LIFO On January 1 of Year 5,...

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Accounting

Computing Ending Inventory using Dollar-Value LIFO
On January 1 of Year 5, 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 $140,000. The following information is available from Benns records for Year 5 through Year 8.
Year Ending Inventory on a FIFO Basis Price Index Year 5 $165,0001.1 Year 6174,0001.2 Year 7201,5001.3 Year 8200,0001.2
Required
Compute the ending inventory on a dollar-value LIFO basis for Year 5, Year 6, Year 7, and Year 8.
Note: Do not round until your final answer. Round your final answer to the nearest whole dollar
Dollar-value LIFO ending inventory, Year 5
Dollar-value LIFO ending inventory, Year 6
Dollar-value LIFO ending inventory, Year 7
Dollar-value LIFO ending inventory, Year 8

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