Color Me Rad, Inc. manufactures and distributes house paints. Color Me Rad uses the dollar-value LIFO...

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Color Me Rad, Inc. manufactures and distributes house paints. Color Me Rad uses the dollar-value LIFO method. Information for 2022, 2023, and 2024 is presented in the following table. (Click the icon to view the data.) The cumulative price indices for 2022, 2023, and 2024 respectively are 1.0000, 1.0330, and 1.0707. Read the requirements. Requirement a. Compute the company's ending inventory using dollar-value LIFO for each year. Round to the nearest dollar. (Use price index amounts to four decimal places as given in the information, X.XXXX. Round all interim currency calculations and the amounts you enter into the cells below to the nearest whole dollar.) Year 2022 layer 2023 layer 2024 layer Ending inventory under dollar-value LIFO 2022 2023 2024 Data table Year Inventory - FIFO 2022 - Base year $ 300,000 2023 378,000 2024 $ 422,000 Requirements a. Compute the company's ending inventory using dollar-value LIFO for each year. Round to the nearest dollar. b. Prepare the journal entry required to adjust the LIFO reserve for each year. Color Me Rad, Inc. manufactures and distributes house paints. Color Me Rad uses the dollar-value LIFO method. Information for 2022, 2023, and 2024 is presented in the following table. (Click the icon to view the data.) The cumulative price indices for 2022, 2023, and 2024 respectively are 1.0000, 1.0330, and 1.0707. Read the requirements. Requirement a. Compute the company's ending inventory using dollar-value LIFO for each year. Round to the nearest dollar. (Use price index amounts to four decimal places as given in the information, X.XXXX. Round all interim currency calculations and the amounts you enter into the cells below to the nearest whole dollar.) Year 2022 layer 2023 layer 2024 layer Ending inventory under dollar-value LIFO 2022 2023 2024 Data table Year Inventory - FIFO 2022 - Base year $ 300,000 2023 378,000 2024 $ 422,000 Requirements a. Compute the company's ending inventory using dollar-value LIFO for each year. Round to the nearest dollar. b. Prepare the journal entry required to adjust the LIFO reserve for each year.