Joe the Grocer Markets, Inc. (JTGM) adopted the dollar-value LIFO inventory method using 2022 as the base year. JTGM uses FIFO for its internal books. Information related to its inventory is presented in the following table:

Requireda. Compute JTGM’s ending inventory under the dollar-value LIFO method for the years 2022 through 2024.b. Prepare the journal entries for 2023 and 2024 to adjust inventory to the dollar-value LIFO basis.c. Determine the ending balance of the LIFO reserve for 2023 and 2024.

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Year 2022 2023 2024 Ending Inventory at End-of-Year Prices per Internal Books $ 870,000 980,000 1,050,000 Cumulative Price Index 100 102 103