Computing Ending Inventory using Dollar-Value LIFOOn January 1, 2020, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory (thebase 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 Index2020$495.0001.12021522.000122022604,5001.32023600.00012RequiredCompute 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 to the nearest whole dollar453,000403,500Dollar-value LIFO ending inventory, 2020 sDolar value LIFO ending inventory, 2021Dollar-value LIFO ending inventory. 2022 sDollar value LIFO ending inventory, 2023 S442.500$42.000 x

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Description: Computing Ending Inventory using Dollar-Value LIFOOn January 1, 2020, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory (thebase inventory for LIFO purposes) was $420,00

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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 1.1 2021 522.000 12 2022 604,500 1.3 600.000 12 for each year 2020 through 2023. 2023 Required

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 1.1 2021 522.000 12 2022 604,500 1.3 600.000 12 for each year 2020 through 2023. 2023 Required

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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