Question 4

Allen Lighting, Inc. manufactures one product (lampshades), comprising a single inventory pool.On December 31, 20X1, Allen Lighting adopted thedollar-value LIFO inventory method. The recorded inventory on December 31, 20X1 using the dollar-value LIFO inventory method was $180,000.December 31, 20X2 and subsequent inventory data follows:

YearInventory at current-year-end pricesPrice index (base year is 2005)20X2$ 252,0001.0520X3$ 368,0001.1520X4$ 387,5001.25

In the(MS Excel file), complete the table to calculate the inventory balance reported at December 31, 20X2, 20X3, and 20X4,using the dollar-value LIFO method at each date.

Table: https://drive.google.com/file/d/1Z6A9vHsEtZ4edmW8ApA7RJY93Ba2OCEq/view?usp=sharing