On January 1, 2020, 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 $280,000. The following information is available from Benn’s records for the years 2020 through 2023.

Question: Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2023. (Do not round until your final answer. Round your final answer to the nearest whole dollar.)

  

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Year Ending Inventory on a FIFO Basis Price Index 2020 $330,000 1.1 348,000 1.2 403,000 1.3 400,000 1.2 2021 2022 2023 Year Ending Inventory on a FIFO Basis Price Index 2020 $330,000 1.1 348,000 1.2 403,000 1.3 400,000 1.2 2021 2022 2023

Answer rating: 100% (QA)

Answer Calculation of ending inventory on a lifo basis Years ... View the full answer