ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 188

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

Current Prices

Inventory at

Current

Price Index

December 31, 2014

$642,000

December 31, 2015

725,000

125

December 31, 2016

812,500

130

107