Question: Computing Ending Inventory using Dollar - Value LIFO On January 1 of Year 5 , Benn Company changed from FIFO to LIFO for income tax

 Computing Ending Inventory using Dollar-Value LIFO On January 1 of Year
Computing Ending Inventory using Dollar-Value LIFO
On January 1 of Year 5, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory (the base inventory for LIFO purposes) was $420,000. The following information is available from Benn's records for Year 5 through Year 8.
\table[[Year,Ending Inventory on a FIFO Basis,Price Index],[Year 5,$495,000,1.1],[Year 6,522,000,1.2],[Year 7,604,500,1.3],[Year 8,600,000,1.2]]
Required
Compute the ending inventory on a dollar-value LIFO basis for Year 5, Year 6, Year 7, and Year 8.
Note: Do not round until your final answer. Round your final answer to the nearest whole dollar
\table[[Dollar-value LIFO ending inventory, Year 5,$,0],[Dollar-value LIFO ending inventory, Year 6,$,0],[Dollar-value LIFO ending inventory, Year 7,$,0],[Dollar-value LIFO ending inventory, Year 8,$,0]]
5, Benn Company changed from FIFO to LIFO for income tax and

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