hitfield Corp. uses the FIFO cost flow assumption during the year but converts its FIFO ending inventory to LIFO costs using the dollar-value-LIFO (DVL) method at the end of the year. It had the following account balances at 12/31/X6 before the year-end entry to adjust inventory costs to LIFO using the DVL method: Account debit credit Inventory $300,000 Allowance to Reduce Inventory to LIFO $15,000 Additional Information: After performing its DVL calculations at the end of 20X6, the company has determined the cost of its inventory using the DVL method to be $280,000. Required: Prepare the year-end adjusting entry to adjust inventory to LIFO cost using the DVL method. Date Account Debit Credit 12/31/X6 Answer 1 Question 14 Answer 2 Question 14 Answer 3 Question 14 Answer 4 Question 14