Complete the problem below using Excel. Presented below is information related to Meghani Company. They adopted LIFO

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Complete the problem below using Excel.

Presented below is information related to Meghani Company. They adopted LIFO in 2017 (base year).

Ending Inventory Price

___Date (End of year prices) Index ______

December 31, 2017 $ 900,000 100

December 31, 2018 1,260,000 105

December 31, 2019 1,840,000 115

December 31, 2020 1,900,000 125

December 31, 2021 2,200,000 128

Prepare a worksheet showing:

Your calculation of ending inventory using Dollar Value LIFO.
The balance of the LIFO Reserve at the end of each year.
The necessary journal entry each year to adjust the ending inventory to Dollar Value LIFO and record the LIFO Reserve.

Posted Date: Dec 20, 2021 12:50 AM

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Complete the problem below using Excel. Presented below is information related to Meghani Company. They adopted LIFO

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Expert Answer:

Date Ending Inventory A Price Index B Ending Inventory Base Year C A 100B Change in Ending Inventory Dec 31 2017 900000 100 900000 0 Dec 31 2018 12600... View the full answer

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