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The cumulative price indices for $2022,2023,$ and $2024$ respectively are $1\mathrm{.}0000,1\mathrm{.}0260,$ and $1\mathrm{.}0648.$

Read the requirements.

Requirement a$.$ Compute the company's ending inventory using dollar$-$value LIFO for each year. Round to the nearest dol the information, X$.$XXXX$.$ Round all interim currency calculations and the amounts you enter into the cells below to the nea

Data table

$\backslash$table$[[$Year$,$Inventory $-$ FIFO$],[2022-$ Base year,$$,380,000],[2023,$$$,399,000],[2024,$$$,427,000]]$

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Requirement b$.$ Prepare the journal entry required to adjust the LIFO reserve for each year. $($Record debits first, then cred currency calculations and the amounts you enter into the cells below to the nearest whole dollar.$)$

Begin with the adjusting entry for $2023.$

$\backslash$table$[[$Account$,2023$ Year$-$end$],[$Cost of Goods Sold,$],[$LIFO Reserve,$],[,],[,]]$

Prepare the adjusting entry for $2024.$

$\backslash$table$[[$Account$,2024$ Year$-$end$]]$