b. Prepare the December 31 year-end journal entry for Year 5 , Year 6 , and Year 7 , to convert inventory from FIFO to LIFO. Ohio Inc. maintains its internal inventory records on a FIFO basis. On January 1 of Year 5 , Ohio changed to dollar-value LIFO for external reporting and income tax purposes. The following data are available for Ohio Inc.'s inventory. Its base inventory is $200,000. Required a. Compute its ending inventory on a dollar-value LIFO basis for Year 5 , Year 6 , and Year 7 . b. Assume that its Year 8 ending inventory on a dollar-value LIFO basis is $288,390 and its Year 8 LIFO price index is 1.50 . What is its Year 8 ending inventory on a current cost basis