Solution-Discuss earliest convenience to understand practice

Discuss earliest convenience to understand practice

Reference no: EM131774213

Please help me out at your earliest convenience to understand practice question and add your calculations too.

CPA Practice Question

Gott Company adopted the dollar-value LIFO inventory method on 12/31/16. On this date, its inventory consisted of the following items.

Item	Number of Units	Cost Per Unit	Total Cost
X	300	$2.50	$750
Y	900	4.50	4,050
$4,800

Additional information:

December 31
2017	2018
1.	Units of X in inventory	450	600
2.	Cost of each X unit	$3.00	$3.25
3.	Units of Y in inventory	1,200	1,800
4.	Cost of each Y unit	$5.50	$6.00

Compute the price index for 2017. (Round answer to 2 decimal places, e.g. 52.75.)

Compute the price index for 2018. (Round answer to 2 decimal places, e.g. 52.75.)

Reference no: EM131774213

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Reference no: EM131774213

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