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E8.4B (L0 4) (Dollar-Value LIFO) The following information relates to James Company: (a) Use the dollar-value LIFO method to compute the ending inventory for James

E8.4B (L0 4)

(Dollar-Value LIFO)

The following information relates to James Company:

(a) Use the dollar-value LIFO method to compute the ending inventory for James Company for 2016 through 2020.

(b) Find the LIFO reserve and LIFO effect for each year.

(c) Prepare the necessary journal entries to record the LIFO effect in each period.
Date Ending Inventory (End- of-Year Prices) Pric e Inde 100 $154,0 00 196,768 104 205,656 114 December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 December 31, 2020 228,448 118 211,200 120

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