7. Farr Co. adopted the dollar-value LIFO inventory method on December 31, 2014 with a base balance of $660,000 inventory. Farr's entire inventory constitutes a single pool Inventory data for 2015 are as follows: 12/31/15 inventory at year-end prices (ie, under FIFO) Relevant price index on 12/31/15 (relative to base year 2014) $902,000 1.10 a. Using dollar value LIFO method, Farr's inventory at December 31, 2015 is b. Provide the adjusting journal entry that Far needs to make on 12/31/15 to convert from FIFO to LIFO inventory