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On January 1, 2020, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO
On January 1, 2020, Benn Company changed from FIFO to LIFO for income tax and external reporting purposes. At that date, the beginning FIFO inventory (the base inventory for LIFO purposes) was $560,000. The following information is available from Benn's records for the years 2020 through 2023. Year Ending Inventory on a FIFO Basis Price Index 2020 $660,000 1.1 2021 696,000 1.2 2022 806,000 1.3 2023 800,000 1.2 Required Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2023. Dollar-value LIFO ending inventory, 2020 $ Dollar-value LIFO ending inventory, 2021 Dollar-value LIFO ending inventory, 2022 $ Dollar-value LIFO ending inventory, 2023 $
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