The Genworth Company adopted the dollar-value LIFO method on January 1, 2021 when the inventory value of its one inventory pool was $522,000. The company decided to use an external index, the Consumer Price Index (CPI), to adjust for changes in the cost level. On January 1, 2021, the CPI was 240. On December 31, 2021, inventory valued at year-end cost was $588,000 and the CPI was 252.
Required:
1. Calculate the inventory value at the end of 2021 using the dollar-value LIFO method.

Need with an adjusting journal entrycmc records depreciation and amortization expense annually. they do not use an accumulated amortization account. (i.e. amortization expense is recorded with a debit to amort. exp and a credit to the patent.) annual depreciation rates are 7% for buildings/equipment/furniture, no salvage. (round to the nearest whole dollar.) annual amortization rates are 10% of original cost, straight-line method, no salvage. cmc owns two patents: patent #fj101 and patent #cq510. patent #cq510 was acquired on october 1, 2016. patent #fj101 was acquired on april 1, 2018 for $119,000. the last time depreciation & amortization were recorded was december 31, 2017.before adjustment: land: 348791equpment and furniture: 332989building: 876418patents 217000