Complete the problem below using Excel.

Presented below is information related to Meghani Company. They adopted LIFO in 2017 (base year).

Ending Inventory Price

___Date (End of year prices) Index ______

December 31, 2017 $ 900,000 100

December 31, 2018 1,260,000 105

December 31, 2019 1,840,000 115

December 31, 2020 1,900,000 125

December 31, 2021 2,200,000 128

Prepare a worksheet showing:

• Your calculation of ending inventory using Dollar Value LIFO.
• The balance of the LIFO Reserve at the end of each year.
• The necessary journal entry each year to adjust the ending inventory to Dollar Value LIFO and record the LIFO Reserve.

• When completing the problem enter formulas into all cells requiring mathematical functions. DO NOT enter the dollar amounts directly into those cells.
• Format the appropriate cells for currency, but include $ only for the first number in a column and for totals.
• When formatting consider alignment, spacing, and presentation.
• Include appropriate heading and date.