Computing Ending Inventory using Dollar-Value LIFO On January 1, 2020, Benn Company changed from FIFO...
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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 $224,000. 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 $264,000 2021 278,400 2022 322,400 1.3 1.1 1.2 2023 320,000 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 $ Dollar-value LIFO ending inventory, 2021 $ 0 Dollar-value LIFO ending inventory, 2022 $ Dollar-value LIFO ending inventory, 2023 $
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