Basking Company Adopted the Dollar-Value LIFO Method in 2014

Multiple Choice

Basking Company adopted the dollar-value LIFO method in 2014.At December 31,2014,ending inventory was $100,000,with a price index of 1.00,using dollar-value LIFO.At December 31,2015,the ending inventory using FIFO is $120,000 and the price index is 1.15.Round all dollar amounts to the nearest dollar.Basking Company's ending inventory at December 31,2015 on a dollar-value LIFO basis is ________.

A) $100,000
B) $104,348
C) $105,000
D) $120,000