Problem 8-14 Dollar-value LIFO (LO8-8] Kingston Company uses the dollar-value LIFO method of computing inventory. An external price index is used to convert ending Inventory to base year. The company began operations on January 1, 2018, with an Inventory of $120,000. Year-end Inventories at year-end costs and cost indexes for its one inventory pool were as follows: Year Ended December 31 2018 2019 2020 2021 Ending Inventory at Year-End Costs $198,000 261,800 243,600 240,800 Cost Index (Relative to Base Year) 1.10 1.19 1.16 1.12 Required: Calculate inventory amounts at the end of each year. (Round Intermediate calculations and final answers to the nearest whole dollars.) Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Ending Inventory DVL Cost Date Inventory at Year- End Cost Year-End Cost Index Year-End Cost Index Inventory Layers Converted to Cost $ 120,000 $ 120,000 $ 120,000 01/01/2018 12/31/2018 | $ 120,000 | $ 198,000 + = 1.00 1.10 = = 1.00 1.00 = = $ 120,000 12/31/2019 $ 261,000 = 1.19 = Inventory Inventory Layers at Base Year Layers at Base Cost Year Cost $ 120,000 Base $ 120,000 $ 180,000 Base $ 120,000 2018 $ 219,328 Base 2018 2019 Base 2018 2019 Base 2018 2019 2021 $ 0 12/31/2020 12/31/2021