1. On January 1, 2017, the Overton Co. changed from FIFO to LIFO for income tax and financial reporting purposes. At that date, the beginning FIFO inventory, which will be the base inventory for LIFO purposes, was $150,000. The following information is available from Overton's records (FIFO basis) for the year-ends 2016 through 2019: | Year Ending Inventory under FIFO Cost Index 2016 $150,000 | 1.00 2017 $176,000 1.10 2018 $185.000 | 1.16 2019 $200,000 | 1.20 la. If Overton computes LIFO ending inventory using the Dollar Value LIFO method, what is the amount of ending inventory that Overton would report on its 2017, 2018 and 2019 Balance Sheets? 1b. Provide Overton's adjusting journal entries at 12/31/17, 12/31/18 and 12/31/19 to record changes to the LIFO reserve as a result of reporting under LIFO