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Computing Ending Inventory using Dollar-Value LIFO On January 1 of Year 5, 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 $420,000. The following information is available from Benn’s records for Year 5 through Year 8. YearEnding Inventory on a FIFO BasisPrice IndexYear 5$495,0001.1Year 6522,0001.2Year 7604,5001.3Year 8600,0001.2 Required Compute the ending inventory on a dollar-value LIFO basis for Year 5, Year 6, Year 7, and Year 8. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar Dollar-value LIFO ending inventory, Year 5Answer 1 Dollar-value LIFO ending inventory, Year 6Answer 2 Dollar-value LIFO ending inventory, Year 7Answer 3 Dollar-value LIFO ending inventory, Year 8Answer 4

          Computing Ending Inventory using Dollar-Value LIFO On January 1 of Year 5, 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 $420,000. The following information is available from Benn’s records for Year 5 through Year 8. YearEnding Inventory on a FIFO BasisPrice IndexYear 5$495,0001.1Year 6522,0001.2Year 7604,5001.3Year 8600,0001.2 Required Compute the ending inventory on a dollar-value LIFO basis for Year 5, Year 6, Year 7, and Year 8. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar Dollar-value LIFO ending inventory, Year 5Answer 1 Dollar-value LIFO ending inventory, Year 6Answer 2 Dollar-value LIFO ending inventory, Year 7Answer 3 Dollar-value LIFO ending inventory, Year 8Answer 4

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