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DV LIFO: Conway Company uses FIFO in its internal inventory accounts. At year end, it converts the FIFO results to DV LIFO. The company adopted LIFO on December 31, 2011 with a base inventory of $107,000. The following table summarizes data available through December 31, 2014.

	Inventory at year end cost	Cost Index
2012 ending inventory	$116,600	1.06
2013 ending inventory	$128,800	1.12
2014 ending inventory	$129,950	1.15

a. What amount would Conway report as the value of inventory under DV LIFO on its 2012 balance sheet? ANSWER: 110,180

b. What is the effect of the conversion to DV LIFO on 2012 COGS? Indicate below if COGS increases, decreases, or does not change as a result of the conversion from FIFO to DV LIFO and then indicate the dollar amount (if any). ANSWER: ???

c. What amount would Conway report as the value of inventory under DV LIFO on its 2013 balance sheet? ANSWER: 115,780

d. What amount would Conway report as the value of inventory under DV LIFO on its 2014 balance sheet? ANSWER: 113,540