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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 $420,000. 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 $495,000 2021 522,000 2022 604,500 1.3 2023 600,000 1.2 1.1 1.2 Required Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2023. Note: Do not round until your final answer. Round your final answer the nearest whole dollar 0 x 0 x Dollar-value LIFO ending inventory, 2020 $ Dollar-value LIFO ending inventory, 2021 $ Dollar-value LIFO ending inventory, 2022 $ Dollar-value LIFO ending inventory, 2023 $ 0 x 0 x Check Computing and Analyzing a LIFO Liquidation Chide's storage facility was shut down due to a strike in December 2020, resulting in a drastic reduction in inventory. The company had switched to LIFO effective January 1, 2020. The following data are available. Chide is on a calendar-year reporting basis. Units Unit Cost Beginning inventory (Base layer of LIFO-January 1) 18,000 $1.00 Inventory purchases during 2020 405,000 $1.25 Total available for sale 423,000 Sales (valued on a LIFO basis) from: Purchases 405,000 Base inventory layer 9,000 $1.00 414,000 Ending inventory (December 31, 2020) 9,000 $1.25 Total What is the LIFO liquidation after-tax profit or loss assuming a 25% tax rate? Note: Indicate a loss with a negative sign. $ X Check

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