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Question: CWB Teleconcepts, Inc. manufactures and distributes

CWB Teleconcepts, Inc. manufactures and distributes three models of handheld devices: the Flame, the Globe, and the HD3. CWB uses the dollar-value LIFO method. Information for 2018, 2019, and 2020 is presented in the following table.
CWB Teleconcepts, Inc. manufactures and distributes three models of handheld devices: the Flame, the Globe, and the HD3. CWB uses the dollar-value LIFO method. Information for 2018, 2019, and 2020 is presented in the following table.

The cumulative price indices for 2018, 2019, and 2020, respectively are 1.00, 1.056, and 1.1155.

Required:
a. Compute the company’s ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar.
b. Prepare the journal entry required to adjust the LIFO reserve for each year.

The cumulative price indices for 2018, 2019, and 2020, respectively are 1.00, 1.056, and 1.1155. Required: a. Compute the company’s ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar. b. Prepare the journal entry required to adjust the LIFO reserve for each year.


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