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 $\backslash (\backslash$$ $140,000\backslash ).$ The following information is available from Benn's records for Year $5$ through Year $8.$

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 Moving average

FIFO

LIFO

$(2)$ FIFO Method

$-$Note: Do not use negative signs with any of your answers.

$-$ Note: On each date, list the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first.

$\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|\}$

$\backslash$hline FIFO & $\backslash \backslash$

$\backslash$hline & Ending Inventory & $0\backslash \backslash$

$\backslash$hline & Cost of goods sold & $\backslash (\backslash$$ $\backslash )\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$ Moving average

FIFO

$(2)$ LIFO Method

$-$Note: Do not use negative signs with any of your answers.

$-$Note: On each date, list the inventory units in chronological order based on their purchase date with beginning inventory, if any, listed first.

$\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|\}$

$\backslash$hline $\backslash$multicolumn$\{1\}\{$l$|\}\{$ LIFO $\}\backslash \backslash$

$\backslash$hline & Ending Inventory & $0\backslash \backslash$

$\backslash$hline & Cost of goods sold & $0\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$