Question - Dollar-Value LIFO
Sisko Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Sisko's records.
|
Date
|
Price Index
|
Ending Inventory at Base Prices
|
Ending Inventory at Dollar-Value LIFO
|
|
December 31, 2009
|
105
|
$92,000
|
$92,600
|
|
December 31, 2010
|
?
|
98,000
|
99,200
|
Required - Calculate the index used for 2010 that yielded the above results.