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On January 1 of Year 5 , Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the

On January 1 of Year 5, 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 $224,000. The following information is available from Benns records for Year 5 through Year 8.
Year Ending Inventory on a FIFO Basis Price Index
Year 5 $264,0001.1
Year 6278,4001.2
Year 7322,4001.3
Year 8320,0001.2
Required
Compute the ending inventory on a dollar-value LIFO basis for Year 5, Year 6, Year 7, and Year 8.
Note: Do not round until your final answer. Round your final answer to the nearest whole dollar
Dollar-value LIFO ending inventory, Year 5 Answer
Dollar-value LIFO ending inventory, Year 6 Answer
Dollar-value LIFO ending inventory, Year 7 Answer
Dollar-value LIFO ending inventory, Year 8

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