a. On January 1, 2020, Materazzi Inc. adopted the dollar value LIFO inventory method (single pool) for income tax and external financial reporting purposes, while maintaining the FIFO inventory method for internal records. The following data are available for Materazzi s inventory, which comprises products A and B:

Inventory INVENTORY INVENTORY

(12/31/2019) (12/31/2020) (12/31/2021)

No. of units Unit Cost ($) No. of Units Unit Cost ($) No. of units Unit Cost

($)

A 35,000 2.000 100,000 1.800 90,000 3,000

B 10,000 4.000 16,000 6.075 25,000 1.520

Calculate the price index for 2020 and 2021

What is the 2020 year-end inventory balance using dollar-value LIFO?

What is the 2021 year-end inventory balance using dollar-value LIFO?

What the the required 2021 journal entry at the end of the year to adjust the account balances from FIFO-based to LIFO-based amounts?

b. Ramos Company uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The following information is available for 2019 and 2020

12/31/2020 12/31/2019

Inveritory (under FIFO) $157,000 181,000

Inventory (under LIFO)145,000 173,000

What is the appropriate journal entry at 12/31/2020 to adjust the account balances from FIFO-based to LIFO based accounts?

a.Cost of goods sold 8,000

LIFO reserve 8,000

b. Cost of goods sold 4,000

LIFO reserve 4,000

c. LIFO reserve 8,000

Cost of goods sold 8,000

d. LIFO reserve 4,000

Cost of goods sold 4,000

c. The Wanyama Corporation's inventory at December 31, 2020, was $325,000 based on a physical count priced at cost, and before any necessary adjustment for the following:

1. Merchandise costing $30,000, shipped F.o.b. shipping point from a vendor on December 30, 2020, was received on January 5, 2021.

2. Merchandise costing $22,000, shipped F.o.b. destination from a vendor on December 28, 2020, was received on January 3, 2021.

3. Merchandise costing $38,000 was shipped to a customer F.o.b. destination on December 28, 2020, arrived at the customer's location on January 6, 2021.

4. Merchandise costing $12,000 was being held on consignment by Traynor Company.

What amount should Mateo Corporation report as inventory in its December 31, 2020, balance sheet?

a)$325,000

b)367,000

c)405,000

d)427,000

please show all work