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. Instructions Calculate

Oasis Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Oasis€™s records.

Instructions
Calculate the index used for 2008 that yielded the aboveresults.

Date December 31, 2007 December 31, 2008 Price Index 105 Ending Inventory at Base Prices $92,000 97,000 Ending Inventory at Dollar-Value LIFO $92,600 98,350

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