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 @ base prices ending inventory @ dollar-value lifo

12/31/14 105 $92,000 $92,600

12/31/15 ? $97,000 $98,350

calculate the index used for 2015 that yielded the above results.

The index is 115.

Explanation:

The first thing we have to do is calculate the increase in base prices, which is given by :

97000-92000=5000

now we have to calculate the increase in the Dollar-Value LIFO, which is given by:

98350-92600=5750

finally, we can establish the relationship between the two increases as:

Index*5000=5750

From where, making it explicit for the index, we then finally have that it is given by:

Index= 5750/5000=1.15

which we can express as:

Index=1.15*100=115

answer; (covenant); good luck

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