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The following information was provided by Mabie Company Year 2014 2015 2016 2017 2018 Ending Inventory at Average Cost S530,000 620.000 610.000 4 85.000 620.000

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The following information was provided by Mabie Company Year 2014 2015 2016 2017 2018 Ending Inventory at Average Cost S530,000 620.000 610.000 4 85.000 620.000 Cumulative Price Index 100 105 110 111 115 Mabie adopted the dollar-value LIFO method using 2014 as the base year. Required: a. Compute Mabie's ending inventory under the dollar-value LIFO method for the years 2014 through 2018. b. Prepare the journal entries for 2015 through 2018 to adjust inventory to the dollar value LIFO basis. c. Determine the ending balance of the LIFO reserve for 2015 through 2018

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