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What is the price index that computed by Sheffield Corp

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Question - Sheffield Corp. adopted the dollar-value LIFO method on January 1, 2017, at which time its inventory consisted of 8400 units of Item A @ $5 each and 2900 units of Item B @ $16 each. The inventory at December 31, 2017 consisted of 12000 units of Item A and 6000 units of Item B. The most recent actual purchases related to these items were as follows:

Items

Purchase Date

Quantity Purchased

Cost Per Unit

A

12/7/17

3000

$6

A

12/11/17

10200

5.90

A

12/15/17

6000

17

Using the double-extension method, what is the price index for 2017 that should be computed by Sheffield Corp.?

A. 226.42%

B. 114.24%

C. 116.96%

D. 115.50%

Reference no: EM132350703

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