Question
Oasis company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Oasiss records. Date Price
Oasis company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Oasiss records.
Date Price Index Ending Inventory @ base prices ending inventory @ dollar-value LIFO
12/31/14 105 $92,000 $92,600
12/31/15 ? $97,000 $98,350
Calculate the index used for 2015 that yielded the above results.
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Principles Of Financial Accounting (Chapters 1-17)
Authors: John Wild
25th Edition
1260780147, 9781260780147
