Question: BE 8-11 King Supply maintains its internal inventory records using perpetual FIFO, but for financial reporting purposes, reports ending inventory and cost of goods sold

BE 8-11 King Supply maintains its internal inventory records using perpetual
FIFO, but for financial reporting purposes, reports ending inventory and cost of

BE 8-11 King Supply maintains its internal inventory records using perpetual FIFO, but for financial reporting purposes, reports ending inventory and cost of goods sold using periodic LIFO. At the beginning of the year, the company had a balance of $60,000 in its LIFO reserve account. By the end of the year, internal records reveal that FIFO ending inventory is $75,000 greater than LIFO ending inventory. Record the year-end adjusting entry for the LIFO reserve. BE 8-14 At the beginning of 2021, a company adopts the dollar-value LIFO inventory method for its one inventory pool. The pool's value on that date was $1,400,000. The 2021 ending inventory valued at year-end costs was $1,664,000 and the year-end cost index was 1.04. Calculate the inventory value at the end of 2021 using the dollar-value LIFO method

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