Question 10 A company reports its LIFO-based ending inventory with the dollar value LIFO method: Year Year-End Cost Cost Index 12/31/2020 $ 320,000 1.05 12/31/2021 347,000 1.08 For the year ended 12/31/2021. we know the value of the ending inventory is $347.000 using year end cost index of 1.08 Which of the following statements is correct? The company should multiply $347.000 by 1.08 to determine ending inventory Most of the ending inventory should be reported at a cost index of 1.05, with the remainder at 1.08, The company should multiply $320,000 by 1.05 to determine ending inventory Most of the ending inventory should be reported at a cost index of 1.08, with the remainder at 1.05