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2. In 2019, Shay Company adopted a dollar-value LIFO approach for external reporting, but uses FIFO for internal records. The following information is available
2. In 2019, Shay Company adopted a dollar-value LIFO approach for external reporting, but uses FIFO for internal records. The following information is available from Shay's records for 2019 through 2022. years Ending Inventory on a Year FIFO Basis (year-end Appropriate price index prices) bed to touoms st 2019 $95,000 1.00 2020 125,000 1.10 2021 110,000 1.30 2022 115,000 1.35 1.) Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2022. (Round final answers to the nearest whole dollar - 15 points.) 2.) Prepare the LIFO reserve (or allowance to reduce inventory to LIFO) journal entry at the end of 2022 (4 points) yotaevni ne bsd snow blo
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