On January 1 of Year 5, Benn Company changed from FIFO to LIFO for income...
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Accounting
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 $112,000. The following information is available from Benns records for Year 5 through Year 8.
Year
Ending Inventory on a FIFO Basis
Price Index
Year 5
$132,000
1.1
Year 6
139,200
1.2
Year 7
161,200
1.3
Year 8
160,000
1.2
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
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