Problem
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.
|
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.