On January 1, 2020, Concord Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax and external financial reporting purposes. However, Concord continued to use the FIFO inventory method for internal accounting and management purposes. In applying the LIFO method, Concord uses internal conversion price indexes and the multiple pools approach under which substantially identical inventory items are grouped into LIFO inventory pools. The following data were available for inventory pool no. 1, which comprises products A and B, for the 2 years following the adoption of LIFO. FIFO Basis per Records Unit Total Units Cost Cost Inventory, 1/1/20 Product A Product B 8,800 7,920 $30 25 $264,000 198,000 $462,000 Inventory, 12/31/20 Product A Product B 36 14,520 7,920 26 $522,720 205,920 $728,640 Inventory, 12/31/21 Product A Product B 40 11,440 8,800 32 $457,600 281,600 $739,200 Your answer is correct. Compute the internal conversion price indexes for 2020 and 2021. (Round price index to 2 decimal places, e.g. 162.) 2020 2021 TI.31 Conversion price index 1.15 Your answer is partially correct. Try again. Compute the inventory amounts at December 31, 2020 and 2021, using the dollar-value LIFO inventory method. (Round answers to 0 decimal places, e.g. 5,620.) 2020 2021 Inventory $1659340 T594825 On January 1, 2020, Concord Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax and external financial reporting purposes. However, Concord continued to use the FIFO inventory method for internal accounting and management purposes. In applying the LIFO method, Concord uses internal conversion price indexes and the multiple pools approach under which substantially identical inventory items are grouped into LIFO inventory pools. The following data were available for inventory pool no. 1, which comprises products A and B, for the 2 years following the adoption of LIFO. FIFO Basis per Records Unit Total Units Cost Cost Inventory, 1/1/20 Product A Product B 8,800 7,920 $30 25 $264,000 198,000 $462,000 Inventory, 12/31/20 Product A Product B 36 14,520 7,920 26 $522,720 205,920 $728,640 Inventory, 12/31/21 Product A Product B 40 11,440 8,800 32 $457,600 281,600 $739,200 Your answer is correct. Compute the internal conversion price indexes for 2020 and 2021. (Round price index to 2 decimal places, e.g. 162.) 2020 2021 TI.31 Conversion price index 1.15 Your answer is partially correct. Try again. Compute the inventory amounts at December 31, 2020 and 2021, using the dollar-value LIFO inventory method. (Round answers to 0 decimal places, e.g. 5,620.) 2020 2021 Inventory $1659340 T594825