Question: Opera Corp. uses dollar-value LIFO method of computing its inventory cost (adopted in 2017). Information for is as follows: Inventory at Cost Year Year End

Opera Corp. uses dollar-value LIFO method of computing its inventory cost

Opera Corp. uses dollar-value LIFO method of computing its inventory cost (adopted in 2017). Information for is as follows: Inventory at Cost Year Year End Prices Index 2017 230,000 1.00 2018 275,000 1.10 2019 279,000 1.24 a. Determine the 2019 ending inventory value using Dollar Value LIFO b. Provide the required 2019 adjusting journal entry for the LIFO reserve

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