Question: show the work please Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Benn Company changed from FIFO to LIFO for income tax and

show the work please show the work please Computing Ending Inventory using Dollar-Value LIFO On January

Computing Ending Inventory using Dollar-Value LIFO 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 $420,000. The following information is available from Benn's records for the years 2020 through 2023. Year Ending Inventory on a FIFO Basis Price Index 2020 $495,000 522,000 1.2 2022 604,500 1.3 2023 600,000 1.1 2021 1.2 Required Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2023. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar Dollar-value LIFO ending inventory, 2020 S Dollar-value LIFO ending inventory, 2021 $ Dollar-value LIFO ending inventory, 2022 $ Dollar-value LIFO ending inventory, 2023 $

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!