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Computinge nearest whole dollar.Converting FIFO Inventory to Dollar-Value LIFO and Preparing Year-End Adjustments to the...

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Accounting

Computinge nearest whole dollar.Converting FIFO Inventory to Dollar-Value LIFO and Preparing Year-End Adjustments to the LIFO Reserve
Year 6 Ending Inventory 499,100
Year 7 Ending Inventory 504,000
Required
a. Convert the ending FIFO inventory to a LIFO basis for Year 5, Year 6, and Year 7, assuming the dollar-value LIFO method and using the internal price indices.
b. Prepare the December 31 year-end journal entry for Year 5, Year 6, and Year 7, to convert inventory from FIFO to LIFO.
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