Aber Company manufactures one product. On January 1, 2019, Aber 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	1.10
2020	252,000	1.20
2021	276,000	1.15

(Note: you may not use all rows/columns of the provided tables)

Instructions

(1) Compute the inventory at December 31, 2019, 2020, and 2021 using the dollar-value LIFO method for each year. (9 points)

(2) Fill in the following LIFO reserve T-account (3 points)

Allowance to Reduce Inventory to LIFO (LIFO reserve)

(3) Record adjusting journal entries at December 31, 2019, 2020, and 2021. (3x2 points=6 points)

		Dr.	Cr.
12/31/2019
12/31/2020
12/31/2021