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On January 1, 2020, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory
On January 1, 2020, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory (the base inventory for LIFO purposes) was $280,000. The following information is available from Benns records for the years 2020 through 2023.
Question: Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2023. (Do not round until your final answer. Round your final answer to the nearest whole dollar.)
Year Ending Inventory on a FIFO Basis Price Index 2020 $330,000 1.1 2021 348,000 1.2. 2022 403,000 1.3 2023 400,000 1.2 X Dollar-value LIFO ending inventory, 2020 $ Dollar-value LIFO ending inventory, 2021 $ Dollar-value LIFO ending inventory, 2022 $ Dollar-value LIFO ending inventory, 2023 $ * * * *Step by Step Solution
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