Color Mania, Inc. manufactures and distributes house paints. Color Mania uses the dollar-value LIFO method. Information for 2022, 2023, and 2024 is presented in the following table. Click the icon to view the data.) The cumulative price indices for 2022, 2023, and 2024 respectively are 1.0000, 1.0330, and 1.0685. Read the requirements Requirement a. Compute the company's ending inventory using dollar-value LIFO for each year. Round to the nearest dollar. (Use price index amounts to four decimal places as given in the information, X.XXXX. Round all interim currency calculations and the amounts you enter into the cells below to the nearest whole dollar.) Year 2023 2024 2022 310,000 $ $ 310,000 2022 layer 2023 layer 2024 layer 310,000 $ 59.770 59,770 33,941 Ending inventory under dollar-value LIFO 310,000 $ 369,770 $ 403,711 Requirement b Pranare the inunn nntna Year Inventory - FIFO 2022 - Base year $ 310,000 s ca 2023 $ 380,000 2024 $ 427,000 2024 layer 33,941 Ending inventory under dollar-value LIFO $ 310,000 $ 369,770 $ 403,711 Requirement b. Prepare the journal entry required to adjust the LIFO reserve for each year. (Record debits first, then credits. Exclude explanations from any journal entries. Round all interim currency calculations and the amounts you enter into the cells below to the nearest whole dollar.) Begin with the adjusting entry for 2023. Account 2023 Year-end > E Cost of Goods Sold 310,000 $ 369,770 $ F LIFO Reserve ) adjust the LIFO reserve for each year. (Record de intries. Round all interim currency calculations and Sllar.) Loss on Inventory Write-down Miscellaneous Expense 2023 Year-end