ACC 304 All Assignments ACC 304 All Assignments | Page 187

was $550,000 and the relevant price index was 100. Information
regarding inventory for subsequent years is as follows:
Date
Inventory at
Current Prices
Current
Price Index
December 31, 2014 $642,000
107
December 31, 2015 725,000 125
December 31, 2016 812,500 130
What is the cost of the ending inventory at December 31, 2014 under
dollar-value LIFO?
23) Gross Corporation adopted the dollar-value LIFO method of
inventory valuation on December 31, 2013. Its inventory at that date
was $550,000 and the relevant price index was 100. Information
regarding inventory for subsequent years is as follows:
Date
Inventory at
Current Prices
Current
Price Index
December 31, 2014 $642,000
December 31, 2015 725,000
107
125