The Lennon Company manufactures a single product. The company adopted the dollar value LIFO inventory method on Dec 21, 2010. More information concerning the company is below:

On Dec 31, 2010

Dollar Value LIFO inventory $30,900

Price Index at year end (the base year) 100%

Inventory info in succeeding years

Date Inventory at YE FIFO Prices Inflation Index

Dec 31, 2011 $37,000 1.15

Dec 31, 2012 45300 1.24

Dec 31, 2013 42540 1.35

Dec 31, 2014 48,600 1.30

Dec 31, 2015 49,720 1.38

1. Compute the inventory value at Dec 31 of each year under the dollar value LIFO inventory method

2. Compute the amount of the adjustment to the LIFO Reserve each year

3. Prepare the journal entry to adjust the LIFO Reserve at the end of each year