Question
Crane Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Crane records. Date Price
Crane Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Crane records.
| Date | Price Index | Ending Inventory at Base Prices | Ending Inventory at Dollar-Value LIFO | |||
| December 31, 2020 | 105 | $92,100 | $87,350 | |||
| December 31, 2021 | ? | 97,100 | 93,050 |
Calculate the index used for 2021 that yielded the above results.
| Index used for 2021 |
|
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International Financial Reporting
Authors: Alan Melville
7th Edition
1292293128, 9781292293127
