Exhibit7.5 Sullivan Produce C


Sullivan Produce Co. switched from FIFO to LIFO on January1,2018, for external reporting and income tax purposes, while retaining FIFO for internal reports. On that date, the FIFO inventory equaled $360,000. The ensuing three-year period resulted in the following:

December31,2018              Year-End Costs $438,000    Cost Index 1.05

December 31,2019             Year-End Costs $460,000    Cost Index 1.15

December 31, 2020            Year-End Costs $520,000    Cost Index 1.25

Refer to Exhibit 7-5, The ending inventory at December 31,2020, using the dollar-value LIFO method would be

a. $422,000

b. $402,000

c $426,000

d. $420,400


Refer to Exhibit7-5, the ending inventory at December 31,2019, at base-year price is:


b. $402,000



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