Cuyler Co. adopted the dollar-value LIFO inventory method on December 31, 2001. Cuyler's entire inventory constitutes a single pool. On December 31, 2001, the inventory was $400,000 under the dollar-value LIFO method. Inventory data for 2002 are as follows: 12/31/02 inventory at year-end prices $550,000 Relevant price index at year-end (base year 2001) 110 Using dollar value LIFO, Cuyler's inventory at December 31, 2002 is a. $440,000. b. $510,000. c. $500,000. d. $550,000.

Can you show me the method?