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 $84,000. The following information is available from Benn's records for Year 5 through Year 8. Year Ending Inventory on a FIFO Basis Price Index Year 5 $99,000 1.1 Year 6 104,400 1.2 Year 7 120,900 1.3 Year 8 120,000 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 $ Dollar-value LIFO ending inventory, Year 6 $ Dollar-value LIFO ending inventory, Year 7 $ Dollar-value LIFO ending inventory, Year 8 $ 93,900 x 114,780 x 151,050 x 175,050 x
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 $84,000. The following information is available from Benn's records for Year 5 through Year 8. Year Ending Inventory on a FIFO Basis Price Index Year 5 $99,000 1.1 Year 6 104,400 1.2 Year 7 120,900 1.3 Year 8 120,000 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 $ Dollar-value LIFO ending inventory, Year 6 $ Dollar-value LIFO ending inventory, Year 7 $ Dollar-value LIFO ending inventory, Year 8 $ 93,900 x 114,780 x 151,050 x 175,050 x
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![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 $84,000. The following information is
available from Benn's records for Year 5 through Year 8.
Year Ending Inventory on a FIFO Basis Price Index
Year 5
$99,000
1.1
Year 6
104,400
1.2
Year 7
120,900
1.3
Year 8
120,000
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 $
Dollar-value LIFO ending inventory, Year 6 $
Dollar-value LIFO ending inventory, Year 7 $
Dollar-value LIFO ending inventory, Year 8 $
93,900 *
114,780 *
151,050 x
175,050 *](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F41085227-be75-44e1-8132-fff6acf5e616%2F79fb199e-9a23-4926-a0b6-01d4b8c94b29%2Fsyhy039_processed.png&w=3840&q=75)
Transcribed Image Text: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 $84,000. The following information is
available from Benn's records for Year 5 through Year 8.
Year Ending Inventory on a FIFO Basis Price Index
Year 5
$99,000
1.1
Year 6
104,400
1.2
Year 7
120,900
1.3
Year 8
120,000
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 $
Dollar-value LIFO ending inventory, Year 6 $
Dollar-value LIFO ending inventory, Year 7 $
Dollar-value LIFO ending inventory, Year 8 $
93,900 *
114,780 *
151,050 x
175,050 *
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