FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Kingbird Company has used the dollar-value LIFO method for inventory cost
determination for many years. The following data were extracted from Kingbird's
records.
Price
Ending Inventory
Date
Index
at Base Prices
Ending Inventory
at Dollar-Value LIFO
December 31, 2025
105
$92,700
$86,600
December 31, 2026
?
97,700
92,150
Calculate the index used for 2026 that yielded the above results.
Index used for 2026
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Transcribed Image Text:Kingbird Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Kingbird's records. Price Ending Inventory Date Index at Base Prices Ending Inventory at Dollar-Value LIFO December 31, 2025 105 $92,700 $86,600 December 31, 2026 ? 97,700 92,150 Calculate the index used for 2026 that yielded the above results. Index used for 2026
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