Dollar-value LIFO.Gott Company adopted the dollar-value LIFO inventory method on 12/31/13. On this date, its inventory consisted of the following items. 
Instructions
(a) Compute the price index for 2014. Round to 2 decimal places.
(b) Calculate the 12/31/14 inventory. Label all numbers.
(c) Compute the price index for 2015. Round to 2 decimal places.(d) Calculate the 12/31/15 inventory. Label all numbers.
Correct Answer:
Verified
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