On January 1, 2008, RAY Co. adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $300 million. The 12/31/08 inventory valued at year-end costs were $385 million. The 12/31/08 inventory, using dollar-value LIFO was $355 million.
Required:
Calculate 2008 cost index for RAY's inventory.

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The Answer of On January 1, 2008, RAY Co. adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $300 million. The 12/31/08 inventory valued at year-end costs were $385 million. The 12/31/08 inventory, using dollar-value LIFO was $355 million.
Required:
Calculate 2008 cost index for RAY's inventory.