On January 1 of Year 5, Benn Company changed from FIFO to LIFO for income...
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Accounting
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 $112,000. 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 | $132,000 | 1.1 |
| Year 6 | 139,200 | 1.2 |
| Year 7 | 161,200 | 1.3 |
| Year 8 | 160,000 | 1.2 |
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 | Answer |
| Dollar-value LIFO ending inventory, Year 6 | Answer |
| Dollar-value LIFO ending inventory, Year 7 | Answer |
| Dollar-value LIFO ending inventory, Year 8 | Answer |
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