value if lifo for its inverntory. the inventory on12/31/2020 was $70,000 when the price index was 100

Tim had physical count of inventory on hand of $10,000 on 12/31/2021. Two other situations concerned Tim: (1) Goods, FOB Destination, were shipped by Tim to Jenna costing $5,000 and sold for $7,000. The goods were shipped on 12/29/2021 and Jenna received them on 1/3/2022. (2) Goods, FOB Shipping Point, were shipped by Tim to Chun costing $2,000 and sold for $3,000. The goods were shipped on 12/27/2021 and Chun received them 1/5/2022. What was Tim's inventory at the end of 12/31/2021 ? Vandalay Industries is an import-export company that uses -valueLIFO foritsinventory. TheInventoryon 12/31/2020 was $70,000w -value LIFO. On 12/31/2021, Vandalay had inventory of $85,600 (current prices) when the price index was 107%. On 12/31/2022, Vandalay had inventory of $86,250 (current prices) when the price index was 115%. What would Vandalay report as the $-value LIFO in its financial statements