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 at Base Prices | Ending Inventory at Dollar-Value LIFO |
| December 31, 2014 | 105 | $92,868 | $93,150 |
| December 31, 2015 | ? | 97,868 | 98,700 |
Calculate the index used for 2015 that yielded the above results.
| Index used for 2015 |
|
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Essentials Of Accounting For Governmental And Not-for-Profit Organizations
Authors: Paul Copley
14th Edition
1260570177, 978-1260570175
