Eastman corporation manufactures one product on December 31, 2018 Eastman adoptedthe dollar value LIFO inventory method. The inventory on that date using the dollar value LIFO inventory method was $850,000 inventory data are as followed: look at picture provided.

1. Compute the inventory at December 31,2019, 2020, 2021 using the dollar value LIFO method for each year, including the LIFO reserve. Show computations.

2. Prepare the journal entries for the LIFO reserve for 2019 and 2020.

kait a Take hne- Fall 2018 Exercise 5 Eastman Corporation manufactures one product. On December 31, 2018, Eastman adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $850,000. Inventory data are as follows: Inventory at Price index Year 2019 2020 2021 $1.180,000 1,940,000 1,800,000 1.05 1.15 1.25 Instructions: 1.Compute the inventory at December 31, 2019, 2020 and 2021, using the dollar-value LIFO method for each year, including the LIFO Reserve. You must show your computations to receive credit. 2. Prepare the journal entries for the LIFO reserve for 2019 and 2020. Credit Explanation Ref Debit Date