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Question 3 Dollar-value LIFO (18 points) Lopez Company manufactures one product. On January 1, 2019, Lopez adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $200,000. Inventory data are as follows for 2019-2021: Year Inventory at year-end prices Price index (base year 2018) 2019 $242,000 2020 252,000 2021 276,000 1.10 1.20 1.15 Instructions method for each year. (9 points) (1) Compute the inventory at December 31, 2019, 2020, and 2021 using the dollar-value LIFO 2019 (2) Fill in the following LIFO reserve T-account (3 points) Allowance to Reduce Inventory to LIFO (LIFO reserve) Cr. Dr. (3) Record adjusting journal entry at December 31, 2019, 2020, and 2021. (3x2 points-6 points) 12/31/2019 12/31/2020 12/31/2021