Sheridan Company manufactures one product. On December 31, 2019, Sheridan adopted the dollar-value LIFO inventory method. The inventory on that date using the dollar-value LIFO inventory method was $1,090,000. Inventory data are as follows: Year Inventory at year-end prices Price index (base year 2019) 2020 $1,241,100 1.05 2021 1,766,400 1.15 2022 1,900,000 1.25 Compute the inventory at December 31, 2020, 2021, and 2022, using the dollar-value LIFO method for each year.

You are chairman of the board of a successful technology firm. there is a nominal federal corporate tax rate of 35 percent, yet the effective tax rate of the typical corporation is about 12.6%. your firm has been clever with use of transfer pricing and keeping money abroad and has barely paid any taxes over the last 5 years; during this same time period, profits were $28 billion. one member of the board feels that it is un-american to use various accounting strategies in order to avoid paying taxes. others feel that these are legal loopholes and corporations have a fiduciary responsibility to minimize taxes. one board member quoted what the ceo of exxon once said: “i’m not a u.s. company and i don’t make decisions based on what’s good for the u.s.” what are the alternatives? what are your recommendations? why do you recommend this course of action?