am 111. On January 1 of Year 5, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. Atthat date, the beginning FIFO inventory (the base inventory for LIFO purposes) was $224,000. The followinginformation is available from Benn's records for Year 5 through Year 8. Year Ending Inventory on a FIFO Basis Price IndexYear 5 $264,000 1.1 Year 6 278,400 1.2 Year 7 322,400 1.3 Year 8 320,000 1.2 Required Compute the ending inventoryon a dollar-value LIFO basis for Year 5, Year 6, Year 7, and Year 8. Note: Do not round until your final answer. Roundyour final answer to the nearest whole dollar Dollar-value LIFO ending inventory, Year 5 Dollar-value LIFO endinginventory, Year 6 Dollar - value LIFO ending inventory, Year 7 Dollar-value LIFO ending inventory, Year 8

Name: am 111. On January 1 of Year 5, Benn Company changed from FIFO to LIFO
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: am 111. On January 1 of Year 5, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. Atthat date, the beginning FIFO inventory (the base inventory for LIFO purposes) was $224,000. The followinginformation is availabl