Essay
On January 1, 2017, RAY Co. adopted the dollar-value LIFO method for its one inventory pool. The pool's value on this date was $300 million. The 12/31/2017 inventory valued at year-end costs was $385 million. The 12/31/2017 inventory, using dollar-value LIFO was $355 million.
Required:
Calculate 2017 cost index for RAY's inventory.
Correct Answer:
Verified
Correct Answer:
Verified
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