Computing Ending Inventory using Dollar-Value LIFO 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 $392,000. 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 $462,000 1.1 2021 487,200 1.2 2022 564,200 1.3 2023 560,000 1.2   Required Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2023. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar   Dollar-value LIFO ending inventory, 2020 Answer   Dollar-value LIFO ending inventory, 2021 Answer   Dollar-value LIFO ending inventory, 2022 Answer   Dollar-value LIFO ending inventory, 2023 Answer

Question

Computing Ending Inventory using Dollar-Value LIFO

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 $392,000. 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 $462,000 1.1
2021 487,200 1.2
2022 564,200 1.3
2023 560,000 1.2

 

Required

Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2023.

Note: Do not round until your final answer. Round your final answer to the nearest whole dollar

 

Dollar-value LIFO ending inventory, 2020 Answer
 
Dollar-value LIFO ending inventory, 2021 Answer
 
Dollar-value LIFO ending inventory, 2022 Answer
 
Dollar-value LIFO ending inventory, 2023 Answer
 

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