Question 14 (5 points) Lima Company's financial records contained the following information for the year...
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Accounting
Question 14 (5 points) Lima Company's financial records contained the following information for the year ended 12/31/19: Current cost of ending inventory: $752,000 Dollar-value LIFO cost of ending inventory: $695,000 Balance of the LIFO reserve: $57,000 After the dollar-value LIFO calculation was prepared for the year-ended 12/31/20, the following information is available: Current cost of ending inventory: $924,000 Dollar-value LIFO cost of ending inventory: $813,000 Prepare the adjusting entry that would be made in 2020 based on the dollar-value LIFO calculation
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