Problem 8-9 On January 1, 2017, Vaughn Wholesalers Inc, adopted the dollar-value LIFO inventory method for income tax and external financial reporting purposes. However, Vaughn continued to use the FIFO Inventory method for internal accounting and management purposes. In applying the LIFO method, Vaughn 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 Units Unit- Cost Total Cost Inventory, 1/1/17 Product A Product B 12,400 11,400 $53 44 $657,200 501,600 $1,158,800 Inventory, 12/31/17 Product A Product B 19,400 11,400 64 46 $1,241,600 524,400 $1,766,000 Inventory, 12/31/18 Product A Product B 15,400 12,400 71 $1,093,400 57 706,800 $1,800,200 Your answer is partially correct. Try again. Compute the internal conversion price indexes for 2017 and 2018. (Round price index to o decimal places, e.g. 162.) 2017 2018 Conversion price index LINK TO TEXT x Your answer is incorrect. Try again. Compute the inventory amounts at December 31, 2017 and 2018, using the dollar-value LIFO inventory method. (Round answers to 0 decimal places, .. 5,620.) 2017 2018 Inventory 1713702 T 1430430