Picture Paint Date and Insert object drawing time Select all Paragraph Insert Editing format. Some content might be missing or displayed improperly. IIIIIIIIIIIII: 2 3 4,1,1, 5 i 71 Problem 1 Bengals Company (the Company) has a December 31st fiscal year-end. The Company tracks inventory on a FIFO basis and reports inventory on a LIFO basis. After several years of industry growth, the economic impacts of the COVID-19 pandemic caused prices to fall industry wide. As of December 31, 2019, the Company had 360 units in inventory. The 2019 annual report contained the following inventory information: Inventory at FIFO $ 72,000 Less: LIFO Reserve $ 18,000) Inventory at LIFO $ 54,000 During 2020, the Company had the following purchases: Purchases Table Units Value/Unit Total Purchase 1 - 5/14/20 1,700 $185.00 $314,500 Purchase 2 - 7/24/20 2,100 $182.50 $383,250 Purchase 3 - 9/2/20 2,700 $181.50 $490,050 Purchase 4 - 11/20/20 400 $175.00 $ 70,000 A physical count on December 31, 2020 indicated that the Company had 1,010 units in ending inventory. Based on this information, calculate the following amounts for fiscal year 2020: FIFO Amounts Fiscal Year 2020 Sales (in units): Goods Available for Sale (units): Goods Available for Sale ($): FIFO Ending Inventory ($): FIFO Cost of Goods Sold ($): Work: LIFO Amounts Fiscal Year 2020 Sales (in units): Goods Available for Sale (units): Goods Available for Sale ($): LIFO Ending Inventory ($): LIFO Cost of Goods Sold ($): Work: Problem 1 (Continued) Bengals Company Balances: LIFO Reserve at December 31, 2020: 2020: Inventory Profit at December 31, Adjustment: Assuming the Company accounted for its inventory properly during the year, what entry did the Company make to adjust from FIFO to LIFO at the end of the year? Adjusting Journal Entry: LIFO Amounts Fiscal Year 2020 Sales (in units): Goods Available for Sale (units): Goods Available for Sale ($): LIFO Ending Inventory ($): LIFO Cost of Goods Sold ($): Work: Problem 1 (Continued) Bengals Company Balances: LIFO Reserve at December 31, 2020: 2020: Inventory Profit at December 31, Adjustment: Assuming the Company accounted for its inventory properly during the year, what entry did the Company make to adjust from FIFO to LIFO at the end of the year? Adjusting Journal Entry