) Dent Company has the following inventory information:

Inventory at

Year year-end prices (FIFO) Price Index

2017(base) $180,000 1.00

2018 252,000 1.05

2019 368,000 1.15

2020 387,500 1.25

Instructions

Using the dollar-value LIFO method, compute the ending inventory value for each year.

SHOW ALL THE STEPS YOU USED TO ARRIVE AT THE FINAL ANSWER.

Answers:

2017 $_______________

2018 $_______________

2019 $_______________

2020 $_______________

Based on your answers from above, record the journal entry required to adjust the inventory to dollar-value LIFO for 2018 and 2019 only

Date		Debit	Credit
2018
2019