A company reports its LIFO-based ending inventory with the dollar-value LIFO method: Year Year-End Cost Cost Index 12/31/2020 $ 320,000 1.05 12/31/2021 347,000 1.08 For the year ended 12/31/2021, we know the value of the ending inventory is $347,000 using year-end cost index of 1.08. Which of the following statements is correct? The company should have multiplied $347.000 by 1.08 to determine ending inventory. Most of the ending inventory should be reported at a cost index of 1.05, with the remainder at 1.08. The company should have divided $347.000 by 1.05 to determine ending inventory. Most of the ending inventory should be reported at a cost index of 1.08, with the remainder at 1.05