Question: 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

a. Compute the company's ending inventory using dollar-value LIFO for each

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.

Rainbow Bright, Inc. manufactures and distributes house paints. Rainbow Bright uses the dollar-value LIFO method. Information for 2018, 2019, and 2020 is presented in the following table (Click the icon to view the data.) The cumulative price indices for 2018, 2019, and 2020 respectively are 1.0000 1.0340, and 1.0673 Read the requirements Data Table Requirement a. Compute the company's ending dollar. (Use price index amounts to four decimal cells below to the nearest whole dollar.) places as given in the information, X.XXXX. Rou Year 2018 layer 2019 layer 2020 layer Ending inventory under dollar-value LIFO Year 2018- Base year 2019 2020 Inventory - FIFO 365,000 378,000 420,000 PrintDone Rainbow Bright, Inc. manufactures and distributes house paints. Rainbow Bright uses the dollar-value LIFO method. Information for 2018, 2019, and 2020 is presented in the following table (Click the icon to view the data.) The cumulative price indices for 2018, 2019, and 2020 respectively are 1.0000 1.0340, and 1.0673 Read the requirements Data Table Requirement a. Compute the company's ending dollar. (Use price index amounts to four decimal cells below to the nearest whole dollar.) places as given in the information, X.XXXX. Rou Year 2018 layer 2019 layer 2020 layer Ending inventory under dollar-value LIFO Year 2018- Base year 2019 2020 Inventory - FIFO 365,000 378,000 420,000 PrintDone

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