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CPA Practice Question
Gott Company adopted the dollar-value LIFO inventory method on 12/31/16. On this date, its inventory consisted of the following items.
|
Item
|
Number of Units
|
Cost Per Unit
|
Total Cost
|
|
X
|
300
|
$2.50
|
$750
|
|
Y
|
900
|
4.50
|
4,050
|
|
$4,800
|
Additional information:
|
December 31
|
|
2017
|
2018
|
|
1.
|
Units of X in inventory
|
450
|
600
|
|
2.
|
Cost of each X unit
|
$3.00
|
$3.25
|
|
3.
|
Units of Y in inventory
|
1,200
|
1,800
|
|
4.
|
Cost of each Y unit
|
$5.50
|
$6.00
|
Compute the price index for 2017. (Round answer to 2 decimal places, e.g. 52.75.)
Compute the price index for 2018. (Round answer to 2 decimal places, e.g. 52.75.)